STATISTICS: KYRGYZSTAN, 1H2024: GWP growth exceeded the claims’ growth, amounting to 29%

26 September 2024 — Marina MAGNAVAL
STATISTICS:  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.

Among the key insurance classes, personal insurance demonstrated the most impressive GWP growth (+39.28% y-o-y), while mandatory insurance grew the least. At the same time, life insurance, which occupies only 0.01% of the market portfolio, continued to decline (-5%).

Insurers' paid claims increased by only 20%, amounting to KGS 364.69 million (EUR 3.94 million). The largest increase in paid claims was observed in mandatory insurance (+134.70%), while property insurance saw the smallest rise.

At the end of 1H2024, 16 insurers were operating in the market, among which NSK holds the lead in terms of GWP (KGS 385.85 million). ARSENAL Kyrgyzstan continues to rank second (KGS 353.44 million). AYU Garant moved from third position a year earlier down to sixth, while GSO moved up to third.

Access xprimm.com and download the latest Kyrgyzstan insurance market statistics for 1H2024 in EUR and KGS.


 

690 views