STATISTICS: CIS, 1H2023: regional business decrease by 23% y-o-y

18 September 2023 — Marina MAGNAVAL

The CIS* regional insurance market ended the first half of 2023 with a strong y-o-y decrease in euros - by 23%, amounting to EUR 14.39 billion, according to xprimm statistics.

Such a strong decrease is because the largest market in the region, Russia, in euros dropped by 29%. The main reasons include a sharp change in currency exchange rates compared to those a year earlier. At the same time, Ukraine and Belarus also saw a small decline.

Among the markets, for which data is available, the most impressive growth rate can be noted in Kyrgyzstan (almost 36%), followed by Kazakhstan and Azerbaijan. Tajikistan demonstrated the weakest growth.

Total paid claims in the region also decreased quite strongly - by 29%. Four markets recorded a drop in paid claims - Russia, Uzbekistan, Belarus, and Tajikistan. On the other hand, paid claims increased most in Kyrgyzstan and Kazakhstan.

*data on Turkmenistan is not included.

Access and download the statistics of the CIS insurance market for 1H2023 (in euros).