STATISTICS: KYRGYZSTAN, 3Q2020: market total GWP decreased by more than 10%, paid claims remained almost unchanged

3 December 2020 — Marina MAGNAVAL
As of the end of 3Q2020, the Kyrgyz insurance market amounted to KGS 658.58 million (~EUR 7.08 million*), having decreased by more than 10% y-o-y, according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

The GWP decline was observed in all major segments, except for mandatory insurance and life insurance. The crisis, caused by the coronavirus pandemic, hit the hardest on personal insurance, which dropped by 37.51%. At the same time, the nature of the mandatory insurance allowed this segment to grow by 12% despite the slowdown of economic activity.

On the other hand, market paid claims, in general, remained almost at the level of 3Q2019 with a slight increase by 1%, to KGS 125.58 million. However, on the segments side, paid claims in property and liability insurance have dropped significantly.

Of the 14 companies operating in the Kyrgyz market at the end of the third quarter, NSK and ATN-Polis avoided negative dynamics in terms of premiums. It should be noted that they are in the TOP-5 insurers, and the growth rates of NSK were a record (+47.71%) on the local market. At the same time, the market share of the leader, INGOSSTRAKH, fell by almost 6%, and the company's GWP decreased by more than 26% y-o-y.

* at the following exchange rate:
1 EUR = 92.9927 KGS (September 30th, 2020)

Access XPRIMM Database and download latest Kyrgyz insurance market statistics.

Share |