Kyrgyzstan
KYRGYZSTAN: 80% of the insurance sector’s income in 2023 came from premiums
In 2023, the income of 16 insurance companies operating in the insurance market of Kyrgyzstan increased 1.3 times y-o-y and amounted to KGS 3.8 billion (EUR 38.56 million). At the same time, the largest share of income (80% of the total) was received from insurance premiums, the National Statistical Committee of the Kyrgyz Republic reports.
30 April 2024KYRGYZSTAN: net profit of the insurance sector in 2023 increased by 40%
In 2023, insurance companies in Kyrgyzstan received a net profit of KGS 457,532.8 thousand after taxes (~EUR 4.64 million), which is KGS 131,673.6 thousand or 40.4% more y-o-y (KGS 325,859.2 thousand), the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic said on its website.
26 March 2024STATISTICS: KYRGYZSTAN, FY2023: market GWP exceeded KGS 3 billion
The insurance sector of Kyrgyzstan in 2023 grew by 40.64%, reaching KGS 3.03 billion (EUR 30.82 million).
5 March 2024KYRGYZSTAN: The financial regulator actively interacts with the insurance industry to improve its functionality and quality of service
The Service for regulation and supervision of the financial market actively interacts with the insurance industry to improve its functionality and quality of service. Comprehensive work is being carried out in two key directions: a media plan for MTPL and digitalization of the insurance market through introduction of electronic insurance, the regulator said.
21 February 2024KYRGYZSTAN: as of December 1, 2023, the insurance market grew by 30%
As of December 1, 2023, the insurance sector in Kyrgyzstan amounted to KGS 2,818.2 million (~EUR 29.62 million), which is KGS 659.2 million (30%) more than in 2022 (KGS 2,159.0 million).
9 January 2024STATISTICS: KYRGYZSTAN, 3Q2023: y-o-y growth of the insurance sector exceeds 60%
The growth of the insurance sector in 3Q2023 exceeded 60% y-o-y, total GWP reached KGS 2.39 billion (EUR 25.39 million). At the same time, paid claims increased by 54%, to KGS 387.36 million (EUR 4.12 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
6 November 2023KYRGYZSTAN: e-MTPL policy would allow to purchase insurance faster
The State Service for Regulation and Supervision of the Financial Market of the Kyrgyz Republic (Gosfinnadzor) proposes to legalize issuance of an electronic MTPL policy. This is because from January 1, 2024, owners of private vehicles will begin to be fined for lack of insurance, sputnik.kg writes.
19 October 2023KYRGYZSTAN: creation of a rating agency within the EAEU is being discussed
The Service for Regulation and Supervision of the Financial Market under the Ministry of Economy and Commerce of the Kyrgyz Republic (Finnadzor) is taking part in the discussion on creation of a rating agency within the EAEU (Eurasian Economic Union), according to the Service’s website.
11 September 2023Kyrgyzstan: first reinsurance broker started operations this year
“Reinsurance Café CIS” LLC is the first reinsurance brokerage company in the history of Kyrgyzstan. The company started its operations on January 1st, 2023.
31 August 2023KYRGYZSTAN: Total revenues of the insurance sector increased by 54% in 1H
The total revenues of the insurance sector in January-June 2023 in Kyrgyzstan amounted to KGS 1.8 billion (EUR 18.90 million), which is approximately 54% more y-o-y (KGS 1.16 billion), according to the National Statistical Committee of the Kyrgyz Republic.
29 August 2023STATISTICS: KYRGYZSTAN, 1H2023: over 54% of all premiums are generated in property insurance
The growth of the insurance sector in 1H2023 amounted to 48.10%, GWP reached KGS 1.47 billion (EUR 16.21 million). At the same time, paid claims increased even more - by 61%, to KGS 303.03 million (EUR 3.32 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
23 August 2023KYRGYZSTAN: Almost 75% of insurance sector's income in 2022 received from premiums
In 2022, total income of 15 insurance companies in Kyrgyzstan increased by 1.8 times compared to 2021 and reached KGS 2.9 billion (EUR 31.71 million). At the same time, the lion stake of income (74.6%) was received from premiums, the National Statistical Committee of the Kyrgyz Republic reported.
31 May 2023STATISTICS: KYRGYZSTAN, 1Q2023: premiums jump by 50%, while paid claims fall by 26%
The growth of the insurance sector in 1Q2023 reached 50% y-o-y, GWP increased to KGS 702.08 million (EUR 7.38 million).
25 May 2023KYRGYZSTAN: Chairman of the Financial Market Regulation and Supervision Service appointed
Pirnazarov Marat Tugolbaevich has been appointed Chairman of the Service for regulation and supervision of the financial market under the Ministry of Economy and Commerce of the Kyrgyz Republic, according to the regulator.
11 May 2023KYRGYZSTAN: application of measures for the absence of MTPL policy to begin on April 1
The State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic informed, that by a resolution of the Cabinet of Ministers of the Kyrgyz Republic, an amendment was made to the resolution "On Approval of the Road Traffic Rules and the Basic Provisions for Admission of Vehicles to Operation and Duties of Officials to Ensure Road Safety".
29 March 2023KYRGYZSTAN: insurance in 2022 was one of the areas where the bulk of foreign direct investment came
According to preliminary data, in 2022, the inflow of foreign direct investment in Kyrgyzstan increased by 4% y-o-y to USD 1,046.1 million, the National Statistical Committee of the Kyrgyz Republic reported.
16 March 2023STATISTICS: KYRGYZSTAN, FY2022: insurance sector grows by 71% y-o-y
At the end of 2022, the insurance sector of Kyrgyzstan grew by 71% to KGS 2.16 billion (EUR 23.61 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
9 February 2023KYRGYZSTAN: the deadline for the entry into force of the law on MTPL postponed
President of Kyrgyzstan Sadyr Japarov ordered to postpone introduction of compulsory motor insurance in the country, as Speaker Nurlanbek Shakiev said, Sputnik writes.
1 February 2023KYRGYZSTAN: Drivers to be fined for lack of MTPL policies from April 1
From April 1, 2023, in Kyrgyzstan, drivers will be fined for not having MTPL policies, ru.sputnik.kg writes with reference to the Ministry of Economy.
16 January 2023KYRGYZSTAN: The Ministry of Economy and Commerce was the first to start insuring company vehicles under MTPL
On December 29, 2022 the Ministry of Economy and Commerce was the first to start insuring company cars under mandatory third party liability insurance (MTPL), with the insurance company AYu Garant, the State Service of Regulation and Supervision of the Financial Market at the Government of the Kyrgyz Republic reports.
9 January 2023
