The insurance sector of Kyrgyzstan in 2023 grew by 40.64%, reaching KGS 3.03 billion (EUR 30.82 million).

Paid claims, at the same time, skyrocketed by 175% from KGS 340 million a year earlier to KGS 935 million (EUR 9.49 million) at the end of 2023, according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

The best growth rates among the segments were demonstrated by liability insurance and property insurance (over 43%). Life insurance grew the least.

The growth driver in paid claims was property insurance, paid claims in which increased by 288%, reaching KGS 768 million.

At the end of 2023, there were 15 insurers operating in the market, among which NSK holds the lead in terms of GWP (KGS 848.64 million). ARSENAL Kyrgyzstan retains second place with KGS 524.68 million.

Access xprimm.com and download the latest Kyrgyzstani insurance market statistics for FY2023 in EUR and KGS.