Premiums in compulsory state insurance and compulsory insurance amounted to TJS 736.9 thousand (+18.7%) and TJS 37.8 million (+10.9%), respectively. Voluntary insurance reached TJS 155.7 million, which is 80.2% of the total market portfolio. Voluntary insurance increased by 16.0% y-o-y. Insurance premiums ceded for reinsurance amounted to TJS 61.6 million somoni, up 19.1%.
Paid claims in the first half of 2023 saw a down trend – their total volume amounted to TJS 9.8 million (-3.1%).
The net profit of insurance organizations in the first half of 2023 reached TJS 70.7 million, which indicates an increase of TJS 13.8 million (+24.3%) compared to the first half of 2022. Insurance reserves amounted to TJS 252.1 million (+57.9%). This rise indicates financial stability and an increase in the level of solvency of insurance companies.
The return on assets (ROA) of the country's insurance system in 1H2023 averaged 9.2%, and the return on equity (ROE) - 16.2%.
As of June 30, 2023, there are 16 insurance (reinsurance) organizations operating in the country's insurance market, of which 1 is state-owned and 15 are non-state. The number of organizations decreased by 2 units y-o-y. In the reporting period, premiums were collected more by such companies as Insurance 21st century - 5.5 times, Sipakhr - 4.3 times, DS Insurance - 2.7 times, SO Mekhnat - 2.5 times, Spitamen Insurance - 66.2%, Paymon Insurance - 34.9% and Sugurtai avvalini milli – 31.4%
The total assets of the insurance sector in 1H2023 reached TJS 766.8 million somoni, increasing by 33.3%. The assets of the insurance system demonstrate stable development, and in the first half of this year reached the highest level. The share of assets of the insurance system in relation to the total assets of the country's financial system for this period reached 2.2%, amounting to 0.6% of GDP.
In 1H2023, total liabilities of insurers amounted to TJS 331.5 million somoni (+53.0%). Total equity of the country's insurance system reached TJS 435.4 million, which is 21.4% more y-o-y. The charter capital as of June 30, 2023, amounted to TJS 333.4 million (+19.3%), according to the report of the National Bank.
*EUR 1 = TJS 11,9083
Access xprimm.com and download the Tajikistan insurance market statistics for 1H2023.
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