In 2020, the number of contracts concluded with individuals and legal entities increased by 25.4% y-o-y, including the contracts for compulsory types of insurance, which increased by 37.3%, and for voluntary insurance - by 23.5%.

The volume of the insurance fund compared to 2019 increased by 6.1%, said General Director of the State Insurance Organization Guvanch NURMUKHAMMEDOV.

The General Director of the State Insurance Organization of Turkmenistan presented a report on the results for 2020 at a meeting, dedicated to the results of the economic, financial and banking complex of the country, which was held online by President Gurbanguly BERDYMUKHAMEDOV on February 10, "Zolotoy vek" newspaper writes.

"In accordance with the action plan for the implementation of the Program of the President of Turkmenistan on the socio-economic development of the country for 2019-2025 and considering international standards, the Law of Turkmenistan "On Amendments to the Law of Turkmenistan "On Insurance" was adopted, according to which the regulatory legal acts have been re-ratified", the press release says.

The head of state noted the importance of improving competitiveness of the insurance market in Turkmenistan and expressed dissatisfaction with the activities of this structure. President Gurbanguly BERDYMUKHAMEDOV requested to pay special attention to the development of information technologies and accelerate digitalization, as well as increase the use of new modern working methods.