Kyrgyzstan
STATISTICS: KYRGYZSTAN, FY2024: personal insurance has the most impressive GWP growth, while compulsory - the most impressive growth in paid claims
The insurance sector of Kyrgyzstan at the end of 2024 grew by 71.32%, reaching KGS 5,202.01 million (EUR 57.43 million), according to data published by the Service for regulation and supervision of the financial market of Kyrgyzstan.
1 April 2025KYRGYZSTAN: State Insurance Organization invited to participate in regional reinsurance mechanism
The State Insurance Organization (GSO), which is the leader in the insurance market of Kyrgyzstan, held a meeting with representatives of the international company Marsh McLennan, a world leader in insurance and reinsurance, IA “24kg” writes with reference to the press service of the insurer.
24 March 2025KYRGYZSTAN: It is proposed to postpone introduction of fines for the absence of MTPL policies for six months
It is proposed to postpone introduction of fines for the absence of an MTPL policy in Kyrgyzstan for six months, as reported by the Chairman of the Service for regulation and supervision of the financial market of Kyrgyzstan Marat Pirnazarov, economist.kg writes.
9 December 2024STATISTICS: KYRGYZSTAN, 3Q2024: double-digit growth rates both in GWP and paid claims
The insurance sector of Kyrgyzstan grew by 56.29% at the end of 3Q2024, reaching KGS 3,734.84 million (EUR 39.80 million), according to data published by the Service for regulation and supervision of the financial market of Kyrgyzstan.
26 November 2024KYRGYZSTAN: a new edition of the draft law "On insurance and insurance activities" has been approved
On October 21, 2024, the Social Policy Committee of the Zhogorku Kenesh of the Kyrgyz Republic approved in the first reading the draft Law of the Kyrgyz Republic "On insurance and insurance activities" in a new edition.
28 October 2024KYRGYZSTAN: From January 1, fines will be applied to individuals for the absence of an MTPL policy
From January 1, 2025, amendments to the Traffic Regulations approved on December 29, 2023, will come into force in Kyrgyzstan. The amendments introduce fines for individuals (owners or drivers of vehicles registered in Kyrgyzstan) for the absence of an MTPL policy, the Service for regulation and supervision of the financial market reports.
24 October 2024STATISTICS: KYRGYZSTAN, 1H2024: GWP growth exceeded the claims’ growth, amounting to 29%
The insurance sector of Kyrgyzstan in 1H2024 grew by 29%, reaching KGS 1,907.83 million (EUR 20.63 million), according to the data published by the Service for regulation and supervision of the financial market of Kyrgyzstan.
26 September 2024KYRGYZSTAN: property insurance accounts for the largest share of GWP and paid claims in 7M2024
For the period from January to July 2024, GWP in Kyrgyzstan amounted to KGS 2381.3 million (~EUR 26.18 million), which is 51.3% more y-o-y, according to a report published the Service for regulation and supervision of the financial market.
4 September 2024KYRGYZSTAN: significant growth observed in compulsory home insurance against fire and natural disasters
Over the past three years, there has been a significant increase in both GWP and the number of concluded contracts in compulsory home insurance against fire and natural disasters, the Service for regulation and supervision of the financial market reports.
21 August 2024KYRGYZSTAN: significant growth observed in compulsory home insurance against fire and natural disasters
Over the past three years, there has been a significant increase in both GWP and the number of concluded contracts in compulsory home insurance against fire and natural disasters, the Service for regulation and supervision of the financial market reports.
15 August 2024KYRGYZSTAN: Innovations in insurance legislation aimed at modernizing the country's insurance market and increasing its efficiency
The Service for Regulation and Supervision of the Financial Market of Kyrgyzstan has developed a draft law “On Insurance and Insurance Activities” that meets the requirements of international standards established by the International Association of Insurance Supervision (IAIS). The innovations are aimed at modernizing the country’s insurance market and increasing its efficiency, the financial portal Akchabar reports.
11 June 2024KYRGYZSTAN: The Supervision Service has developed a few amendments to encourage owners of houses and apartments to insure their property
About 9 years have passed since the adoption of the law on compulsory home insurance in Kyrgyzstan (adopted in 2015), but only a small part of citizens has insured their property.
21 May 2024STATISTICS: KYRGYZSTAN, 1Q2024: Paid claims jumped by almost 98% y-o-y
The insurance sector of Kyrgyzstan at the end of 1Q2024 grew by 14.60%, reaching KGS 804.60 million (EUR 8.34 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
15 May 2024KYRGYZSTAN: 80% of the insurance sector’s income in 2023 came from premiums
In 2023, the income of 16 insurance companies operating in the insurance market of Kyrgyzstan increased 1.3 times y-o-y and amounted to KGS 3.8 billion (EUR 38.56 million). At the same time, the largest share of income (80% of the total) was received from insurance premiums, the National Statistical Committee of the Kyrgyz Republic reports.
30 April 2024KYRGYZSTAN: net profit of the insurance sector in 2023 increased by 40%
In 2023, insurance companies in Kyrgyzstan received a net profit of KGS 457,532.8 thousand after taxes (~EUR 4.64 million), which is KGS 131,673.6 thousand or 40.4% more y-o-y (KGS 325,859.2 thousand), the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic said on its website.
26 March 2024STATISTICS: KYRGYZSTAN, FY2023: market GWP exceeded KGS 3 billion
The insurance sector of Kyrgyzstan in 2023 grew by 40.64%, reaching KGS 3.03 billion (EUR 30.82 million).
5 March 2024KYRGYZSTAN: The financial regulator actively interacts with the insurance industry to improve its functionality and quality of service
The Service for regulation and supervision of the financial market actively interacts with the insurance industry to improve its functionality and quality of service. Comprehensive work is being carried out in two key directions: a media plan for MTPL and digitalization of the insurance market through introduction of electronic insurance, the regulator said.
21 February 2024KYRGYZSTAN: as of December 1, 2023, the insurance market grew by 30%
As of December 1, 2023, the insurance sector in Kyrgyzstan amounted to KGS 2,818.2 million (~EUR 29.62 million), which is KGS 659.2 million (30%) more than in 2022 (KGS 2,159.0 million).
9 January 2024STATISTICS: KYRGYZSTAN, 3Q2023: y-o-y growth of the insurance sector exceeds 60%
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.
6 November 2023KYRGYZSTAN: e-MTPL policy would allow to purchase insurance faster
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.
19 October 2023
