STATISTICS: KYRGYZSTAN, 1H2022: business of insurers grew by almost 28% y-o-y

4 August 2022 — Marina MAGNAVAL
The insurance sector of Kyrgyzstan ended the first half of 2022 with an increase of almost 28% y-o-y. Total GWP amounted to KGS 998.14 million (EUR 11.94 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

It is noteworthy that in euro, due to a more favorable exchange rate, the market growth was almost twice as much as in the national currency. In euros, GWP increased by 54.27% compared to the first half of 2021.

Mandatory insurance continues to show the strongest growth (nearly 82%), and its weight has added about 5% from a year ago. The largest share in the market portfolio belongs to property insurance, which reached KGS 491.76 million, while liability insurance has grown the least.

Insurers' paid claims jumped quite significantly - by almost 91%, amounting to KGS 187.95 million. Most of them fell on the largest segment - property insurance.

Out of 14 insurers that were active on the market as of the end of 1H22, ARSENAL Kyrgyzstan (KGS 167.99 million) became the new leader displacing the former leader INGOSSTRAKH to the third position. NSK moved up to second place, while Alma-Insurance dropped from second (a year earlier) to fifth.

Access and download the latest Kyrgyzstani insurance market statistics for 1H2022 in EUR and KGS.

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