On March 20, 2025, the draft Law of the Kyrgyz Republic "On Insurance and Insurance Activities" in a new version, developed by the Financial Supervision Authority in order to update and harmonize the insurance legislation, was adopted in the third reading, according to the website of the State Financial Supervision Authority.

The insurance sector of Kyrgyzstan at the end of 2024 grew by 71.32%, reaching KGS 5,202.01 million (EUR 57.43 million), according to data published by the Service for regulation and supervision of the financial market of Kyrgyzstan.

The State Insurance Organization (GSO), which is the leader in the insurance market of Kyrgyzstan, held a meeting with representatives of the international company Marsh McLennan, a world leader in insurance and reinsurance, IA “24kg” writes with reference to the press service of the insurer.

It is proposed to postpone introduction of fines for the absence of an MTPL policy in Kyrgyzstan for six months, as reported by the Chairman of the Service for regulation and supervision of the financial market of Kyrgyzstan Marat Pirnazarov, economist.kg writes.

The insurance sector of Kyrgyzstan grew by 56.29% at the end of 3Q2024, reaching KGS 3,734.84 million (EUR 39.80 million), according to data published by the Service for regulation and supervision of the financial market of Kyrgyzstan.

On October 21, 2024, the Social Policy Committee of the Zhogorku Kenesh of the Kyrgyz Republic approved in the first reading the draft Law of the Kyrgyz Republic "On insurance and insurance activities" in a new edition.

From January 1, 2025, amendments to the Traffic Regulations approved on December 29, 2023, will come into force in Kyrgyzstan. The amendments introduce fines for individuals (owners or drivers of vehicles registered in Kyrgyzstan) for the absence of an MTPL policy, the Service for regulation and supervision of the financial market reports.

The insurance sector of Kyrgyzstan in 1H2024 grew by 29%, reaching KGS 1,907.83 million (EUR 20.63 million), according to the data published by the Service for regulation and supervision of the financial market of Kyrgyzstan.

For the period from January to July 2024, GWP in Kyrgyzstan amounted to KGS 2381.3 million (~EUR 26.18 million), which is 51.3% more y-o-y, according to a report published the Service for regulation and supervision of the financial market.

Over the past three years, there has been a significant increase in both GWP and the number of concluded contracts in compulsory home insurance against fire and natural disasters, the Service for regulation and supervision of the financial market reports.

Over the past three years, there has been a significant increase in both GWP and the number of concluded contracts in compulsory home insurance against fire and natural disasters, the Service for regulation and supervision of the financial market reports.

The Service for Regulation and Supervision of the Financial Market of Kyrgyzstan has developed a draft law “On Insurance and Insurance Activities” that meets the requirements of international standards established by the International Association of Insurance Supervision (IAIS). The innovations are aimed at modernizing the country’s insurance market and increasing its efficiency, the financial portal Akchabar reports.

About 9 years have passed since the adoption of the law on compulsory home insurance in Kyrgyzstan (adopted in 2015), but only a small part of citizens has insured their property.

The insurance sector of Kyrgyzstan at the end of 1Q2024 grew by 14.60%, reaching KGS 804.60 million (EUR 8.34 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

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.

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.

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

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.

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).

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.