The growth of the insurance sector in 3Q2023 exceeded 60% y-o-y, total GWP reached KGS 2.39 billion (EUR 25.39 million). At the same time, paid claims increased by 54%, to KGS 387.36 million (EUR 4.12 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

The State Service for Regulation and Supervision of the Financial Market of the Kyrgyz Republic (Gosfinnadzor) proposes to legalize issuance of an electronic MTPL policy. This is because from January 1, 2024, owners of private vehicles will begin to be fined for lack of insurance, sputnik.kg writes.

The Service for Regulation and Supervision of the Financial Market under the Ministry of Economy and Commerce of the Kyrgyz Republic (Finnadzor) is taking part in the discussion on creation of a rating agency within the EAEU (Eurasian Economic Union), according to the Service’s website.

“Reinsurance Café CIS” LLC is the first reinsurance brokerage company in the history of Kyrgyzstan. The company started its operations on January 1^st, 2023.

The total revenues of the insurance sector in January-June 2023 in Kyrgyzstan amounted to KGS 1.8 billion (EUR 18.90 million), which is approximately 54% more y-o-y (KGS 1.16 billion), according to the National Statistical Committee of the Kyrgyz Republic.

The growth of the insurance sector in 1H2023 amounted to 48.10%, GWP reached KGS 1.47 billion (EUR 16.21 million). At the same time, paid claims increased even more - by 61%, to KGS 303.03 million (EUR 3.32 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

In 2022, total income of 15 insurance companies in Kyrgyzstan increased by 1.8 times compared to 2021 and reached KGS 2.9 billion (EUR 31.71 million). At the same time, the lion stake of income (74.6%) was received from premiums, the National Statistical Committee of the Kyrgyz Republic reported.

The growth of the insurance sector in 1Q2023 reached 50% y-o-y, GWP increased to KGS 702.08 million (EUR 7.38 million).

Pirnazarov Marat Tugolbaevich has been appointed Chairman of the Service for regulation and supervision of the financial market under the Ministry of Economy and Commerce of the Kyrgyz Republic, according to the regulator.

The State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic informed, that by a resolution of the Cabinet of Ministers of the Kyrgyz Republic, an amendment was made to the resolution "On Approval of the Road Traffic Rules and the Basic Provisions for Admission of Vehicles to Operation and Duties of Officials to Ensure Road Safety".

According to preliminary data, in 2022, the inflow of foreign direct investment in Kyrgyzstan increased by 4% y-o-y to USD 1,046.1 million, the National Statistical Committee of the Kyrgyz Republic reported.

At the end of 2022, the insurance sector of Kyrgyzstan grew by 71% to KGS 2.16 billion (EUR 23.61 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

President of Kyrgyzstan Sadyr Japarov ordered to postpone introduction of compulsory motor insurance in the country, as Speaker Nurlanbek Shakiev said, Sputnik writes.

From April 1, 2023, in Kyrgyzstan, drivers will be fined for not having MTPL policies, ru.sputnik.kg writes with reference to the Ministry of Economy.

On December 29, 2022 the Ministry of Economy and Commerce was the first to start insuring company cars under mandatory third party liability insurance (MTPL), with the insurance company AYu Garant, the State Service of Regulation and Supervision of the Financial Market at the Government of the Kyrgyz Republic reports.

According to the State Tax Service, in Kyrgyzstan, from December 2022, for small and medium-sized businesses with an annual revenue of no more than KGS 30 million/~EUR 334 thousand, insurance tariff rates were reduced for a period up to January 1, 2027, knews.kg reports.

For the period from January to September 2022, insurance companies of Kyrgyzstan concluded 68,063 compulsory insurance contracts in the amount of KGS 126.87 billion (~EUR 1.61 billion), akchabar.kg writes with reference to the materials of the National Statistical Committee of the Kyrgyz Republic.

3Q2022, the insurance sector of Kyrgyzstan ended with impressive growth y-o-y - by 51%, reaching KGS 1492.37 million (EUR 19.26 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

In January-September 2022, total income of 14 insurance companies operating in the market increased 1.4 times y-o-y, amounting to KGS 1.8 billion (EUR 22.90 million), according to the National Statistical Committee of the Kyrgyz Republic.

The Ministry of Economy and Commerce of Kyrgyzstan presented an amendment to the legislation of the republic, which will allow the government to fully launch MTPL insurance. This addition to the road traffic rules of the Kyrgyz Republic will oblige drivers, at the request of inspectors of the patrol service, to present an insurance policy for verification, the source wrote.