Kyrgyzstan
KYRGYZSTAN: insurance rates reduced for small and medium-sized businesses since December
According to the State Tax Service, in Kyrgyzstan, from December 2022, for small and medium-sized businesses with an annual revenue of no more than KGS 30 million/~EUR 334 thousand, insurance tariff rates were reduced for a period up to January 1, 2027, knews.kg reports.
12 December 2022KYRGYZSTAN: insurers concluded 68,063 compulsory insurance contracts in the first 3Q of 2022
For the period from January to September 2022, insurance companies of Kyrgyzstan concluded 68,063 compulsory insurance contracts in the amount of KGS 126.87 billion (~EUR 1.61 billion), akchabar.kg writes with reference to the materials of the National Statistical Committee of the Kyrgyz Republic.
29 November 2022STATISTICS: KYRGYZSTAN, 3Q2022: the market is up by more than 51% y-o-y
3Q2022, the insurance sector of Kyrgyzstan ended with impressive growth y-o-y - by 51%, reaching KGS 1492.37 million (EUR 19.26 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
24 November 2022KYRGYZSTAN: for 9M2022, total income of the insurance sector increased 1.4 times
In January-September 2022, total income of 14 insurance companies operating in the market increased 1.4 times y-o-y, amounting to KGS 1.8 billion (EUR 22.90 million), according to the National Statistical Committee of the Kyrgyz Republic.
21 November 2022KYRGYZSTAN: the last step taken to fully implement MTPL insurance from January 1, 2023
The Ministry of Economy and Commerce of Kyrgyzstan presented an amendment to the legislation of the republic, which will allow the government to fully launch MTPL insurance. This addition to the road traffic rules of the Kyrgyz Republic will oblige drivers, at the request of inspectors of the patrol service, to present an insurance policy for verification, the source wrote.
31 October 2022KYRGYZSTAN: insurers' revenues grew by 23% in the first half of the year
According to the results of the first half of 2022, revenues of 14 insurance companies of Kyrgyzstan increased by 23% y-o-y and amounted to KGS 1.2 billion (~EUR 14.36 million). At the same time, the largest part (85%) was received from insurance premiums, according the National Statistical Committee of the Kyrgyz Republic.
24 August 2022STATISTICS: KYRGYZSTAN, 1H2022: business of insurers grew by almost 28% y-o-y
The insurance sector of Kyrgyzstan ended the first half of 2022 with an increase of almost 28% y-o-y. Total GWP amounted to KGS 998.14 million (EUR 11.94 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
4 August 2022STATISTICS: KYRGYZSTAN, 1Q2022: the market expanded by about 44% y-o-y (in local currency)
According to the 1Q results, the insurance sector of Kyrgyzstan recorded an increase of about 44% y-o-y, reaching KGS 468.06 million (EUR 5.04 million), as the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic show.
8 June 2022KYRGYZSTSAN: 79% of insurers' income in 2021 came from premiums
In 2021, total income of 14 insurance companies that operated in Kyrgyzstan decreased by 8.7% y-o-y to KGS 1.6 billion (EUR 16.70 million). According to the National Statistical Committee of the Kyrgyz Republic, the bulk of income (79%) was received from premiums.
26 May 2022KYRGYZSTAN: minimum sums insured, limits of liability and rates approved for MTPL
The Cabinet of Ministers of the Kyrgyz Republic approved minimum amount of sums insured, limits of liability and insurance premium rates for MTPL, a source reports according to the press service of the Cabinet of Ministers.
28 March 2022KYRGYZSTAN: SARBANOV Ulan appointed Chairman of the State Service for regulation and supervision of the financial market
SARBANOV Ulan has been appointed Chairman of the State Service for regulation and supervision of the financial market under the Ministry of Economy and Commerce of the Kyrgyz Republic, the Service said in its statement.
16 February 2022STATISTICS: KYRGYZSTAN, FY2021: in local currency the market decreased by almost 5.5%, while in euro the result remained at the level of 2020
At the end of 2021, the insurance sector of Kyrgyzstan changed growth to decline (if compared to 3Q2021) and recorded a drop by 5.46% to KGS 1.26 billion (EUR 13.17 million).
7 February 2022KYRGYZSTAN: for 9M2021, 73% of all contracts concluded in voluntary insurance
In January-September 2021, the income of 14 insurance companies, working in the financial sector of the republic's economy, increased 1.3 times y-o-y to KGS 1.3 billion (EUR 13.14 million*). At the same time, the greatest part (81%) was received from insurance premiums, according to a review, published by the National Statistical Committee of the Kyrgyz Republic.
1 December 2021STATISTICS: KYRGYZSTAN, 3Q2021: insurers' business grew by almost 50% (in KGS)
The insurance sector of Kyrgyzstan at the end of 3Q2021 grew by almost 50% and reached KGS 987.04 million (EUR 9.98 million), according to the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
2 November 2021STATISTICS: KYRGYZSTAN, 1H2021: the market almost doubled the result of the first half of 2020 (in local currency)
The insurance market in Kyrgyzstan at the end of 1H2021 amounted to KGS 780.20 million (EUR 7.74 million), almost twice exceeding the result of the first half of 2020 in local currency (+92.44%), as the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic shows.
5 August 2021KYRGYZSTAN: insurance company KYRGYZSTAN celebrated its 30th anniversary
On July 5, the insurance company KYRGYZSTAN celebrated its 30th anniversary, the insurer said on its website.
15 July 2021STATISTICS: KYRGYZSTAN, 1Q2021: paid claims amounted to 13% of total GWP
The insurance market in Kyrgyzstan in the first three months of 2021 reached KGS 325.17 million (EUR 3.27 million), while insurers paid only KGS 42.27 million for insured events, thus the paid claims ratio amounted to 13%, as the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic shows.
13 May 2021KYRGYZSTAN: The State Financial Supervision Service proposed to approve the insured amount and the liability limit for MTPL
The State Financial Supervision Service proposed to approve the insured amount and the limit of liability for MTPL - the draft regulation has been submitted for public discussion and published on the government's website, the financial publication Economist reported.
5 May 2021KYRGYZSTAN: Arzybek KOZHOSHEV appointed Chairman of the State Service of regulation and supervision of the financial market
Arzybek KOZHOSHEV was appointed Chairman of the State Service of regulation and supervision of the financial market under the Ministry of Economics and Finance of the Kyrgyz Republic, as announced on the website of the market regulator.
27 April 2021KYRGYZSTAN: insurers' income in 2020 increased by more than 6% y-o-y
In 2020, total income of insurance companies in Kyrgyzstan increased by 6.3% y-o-y and amounted to KGS 1.7 billion (~EUR 16.6 million*), as Economist.kg reports, citing the press service of the National Statistical Committee.
8 April 2021
