STATISTICS: KYRGYZSTAN, 1H2020: All market segments recorded negative GWP dynamics, except for life insurance

20 August 2020 — Marina MAGNAVAL
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.

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.

* for the following exchange rate:
1 EUR = 85.5177 Som - KGS (June 30th, 2020)

Access and download the latest Kyrgyz insurance market statistics.

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