At the same time, most of their income (72.5% of the total amount) was received from insurance premiums, according to the National Statistical Committee of the Kyrgyz Republic.
Total expenses of insurance companies last year increased 1.8 times to about KGS 6 billion. At the end of the year, total net profit of the insurance sector amounted to KGS 1.3 billion, which is 3 times more y-o-y.
In 2024, insurance companies concluded 1.7 million insurance contracts, which is 3 times more than in 2023. Worth noting that of the total number of concluded contracts, 93% were contracts with individuals, 7% - with legal entities.
The largest share of contracts was concluded in voluntary personal insurance against illnesses and accidents (63%), compulsory insurance of real estate of citizens (15%) and compulsory motor third-party liability insurance (about 13%).
In 2024, 22.5 thousand insurance cases were recorded, 54% of which were reported in voluntary insurance against accidents and illnesses, the press release says.
1 EUR = 90.5844 KGS (December 31st, 2024)
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