SARBANOV Ulan has been appointed Chairman of the State Service for regulation and supervision of the financial market under the Ministry of Economy and Commerce of the Kyrgyz Republic, the Service said in its statement.

At the end of 2021, the insurance sector of Kyrgyzstan changed growth to decline (if compared to 3Q2021) and recorded a drop by 5.46% to KGS 1.26 billion (EUR 13.17 million).

In January-September 2021, the income of 14 insurance companies, working in the financial sector of the republic's economy, increased 1.3 times y-o-y to KGS 1.3 billion (EUR 13.14 million*). At the same time, the greatest part (81%) was received from insurance premiums, according to a review, published by the National Statistical Committee of the Kyrgyz Republic.

The insurance sector of Kyrgyzstan at the end of 3Q2021 grew by almost 50% and reached KGS 987.04 million (EUR 9.98 million), according to the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

The insurance market in Kyrgyzstan at the end of 1H2021 amounted to KGS 780.20 million (EUR 7.74 million), almost twice exceeding the result of the first half of 2020 in local currency (+92.44%), as the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic shows.

On July 5, the insurance company KYRGYZSTAN celebrated its 30th anniversary, the insurer said on its website.

The insurance market in Kyrgyzstan in the first three months of 2021 reached KGS 325.17 million (EUR 3.27 million), while insurers paid only KGS 42.27 million for insured events, thus the paid claims ratio amounted to 13%, as the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic shows.

The State Financial Supervision Service proposed to approve the insured amount and the limit of liability for MTPL - the draft regulation has been submitted for public discussion and published on the government's website, the financial publication Economist reported.

Arzybek KOZHOSHEV was appointed Chairman of the State Service of regulation and supervision of the financial market under the Ministry of Economics and Finance of the Kyrgyz Republic, as announced on the website of the market regulator.

In 2020, total income of insurance companies in Kyrgyzstan increased by 6.3% y-o-y and amounted to KGS 1.7 billion (~EUR 16.6 million*), as Economist.kg reports, citing the press service of the National Statistical Committee.

The State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic summed up the results of 2020, and awarded several financial market entities, as the regulator informed on its website.

The insurance sector of Kyrgyzstan, after a decrease seen in the third quarter, ended 2020 without losses (in local currency) - GWP remained almost at the level of 2019 (+0.15% y-o-y), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

As of the end of 3Q2020, the Kyrgyz insurance market amounted to KGS 658.58 million (~EUR 7.08 million*), having decreased by more than 10% y-o-y, according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

Taking into account the decrease in the level of income of the country's population, associated with the protracted situation of the pandemic, it was decided to postpone the incurrence of liability for non-compliance with the MTPL law, as Arzybek KOZHOSHEV, Chairman of the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic announced.

In 1H2020, total income of insurers in Kyrgyzstan amounted to KGS 593.5 million (~EUR 6.94 million*), which is 6.9% less y-o-y, according to the National Statistical Committee of the Kyrgyz Republic.

In the first half of 2020, the inflow of foreign direct investment decreased 2.4 times y-o-y, to USD 164.4 million, according to the National Statistical Committee of the Kyrgyz Republic.

In 1H2020, the insurance market of Kyrgyzstan decreased by more than 22% y-o-y, to KGS 405 million (~EUR 4.74 million*), as the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic show.

For the first 5 months of 2020, insurance market of Kyrgyzstan generated GWP worth KGS 297.7 million (EUR 3.63 million), as the data, published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic, show.

In January-May 2020, total insurers' income (of 16 companies operating on the market in 1Q2020) amounted to KGS 407.6 million (~EUR 4.52 million*), which is 20.2% more y-o-y.

This year the law on mandatory third-party liability insurance (MTPL) in Kyrgyzstan begins to be applied to foreigners who own cars too.