It should be noted that the declining economic activity caused by the coronavirus pandemic negatively affected the results of all insurance segments, except for life insurance, which occupies only 0.01% of the market and recorded an increase of premiums. Among the main segments, personal insurance dropped the most (-35%).
On the paid claims side, the market decrease was 8% y-o-y. However, mandatory insurance saw a rapid growth of paid claims, going up by 71%.
In 1H2020, 14 companies were active on the local market. Annual growth of premiums was recorded only by NSK, while GWP of the market leader INGOSSTRAKH fell by 43%, to KGS 84 million. The second and third places in the market ranking were taken by JUBILI KYRGYZSTAN Insurance and KYRGYZSTAN Insurance company, respectively.
1 EUR = 85.5177 Som - KGS (June 30th, 2020)