STATISTICS: TAJIKISTAN, FY2023: voluntary insurance generates about 80% of the total GWP

7 May 2024 — Marina MAGNAVAL
STATISTICS: TAJIKISTAN, FY2023: voluntary insurance generates about 80% of the total GWP

The insurance sector of Tajikistan ended FY2023 with TJS 430.5 million (EUR 35.59 million), which is 40.73% more y-o-y in local currency, as data from the National Bank’s report shows.

State mandatory insurance increased by 11.48%, compulsory insurance - by 19.61%, and voluntary insurance - by 47.39%. It is worth noting that voluntary insurance generates about 80% of the entire market.

Total market paid claims decreased by 13.69%, reaching TJS 22.7 million (EUR 1.88 million).

The net profit of the insurance sector at the end of the year amounted to TJS 97.0 million, which is TJS 18.5 million or 23.7% more y-o-y. The indicators of the country's insurance system in terms of assets (ROA) in 2023 amounted to 11.9%, and in terms of capital (ROE) - 20.9%, which are 0.5 and 0.8 respectively higher than the previous year.

The assets of insurance organizations amounted to TJS 815.7 million. Compared to 2022, this is TJS 125.1 million or 18.1% more. The share of insurance assets in the total assets of the country's financial system during 2023 was 2.0%, and in the GDP - 0.6%.

As of December 31, 2023, there were 16 insurance (reinsurance) organizations operating in the country’s insurance market, of which 1 is a state insurance organization and 15 are non-state insurance (reinsurance) organizations. The number of branches of insurance organizations during 2023 amounted to 66 and remained unchanged compared to 2022.

Access xprimm.com and download the latest Tajikistan insurance market statistics for FY2023 in TJS and EUR.


 

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