STATISTICS:

KYRGYZSTAN: State service for regulations and supervision - for 1Q insurance market increased by 20.6%

On July 12 the State service for regulations and supervision held a conference devoted to the activity results during the first half of the year and future perspectives, as the regulator informed on the official website.

The State service for regulations and supervision over the financial market at the Government of the Kyrgyz Republic is an authorized state supervisory service for non-banking sector, accounting and audit. Among the development directions at the conference the service representatives pointed out prevention and suppression of unscrupulous activity in the financial market, improvement of financial literacy of the population on use of financial tools.

There were also announced some results of the local insurance market after the first quarter. As of July 1, 2018 Kyrgyz, insurance market is represented by 18 re/insurance companies: 9 of them - with the participation of foreign capital and 9 - with 100% Kyrgyz capital.

As of 01.04.2018 total assets of the local insurers amounted to KGS 4004.8 million*, total equity capital amounted to KGS 3332.3 million, insurance liabilities amounted to KGS 672.9 million and total insurance reserves of re/insurance companies reached KGS 263.6 million.

For the first quarter of 2018 local market generated GWP of KGS 199 million, which is 20.6% more than a year ago. During the period of Jan-March total paid claims in the country amounted to KGS 20.1 million, 14% more if compared to the same period of 2017.

*EUR 1 = KGS 84.3533 (01.04.2018)





Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

KYRGYZSTAN: insurance industry is developing, only with difficulty

In May the Association of the Kyrgyz Insurers conducted an annual meeting, dedicated to discussion of the last year result. According to the participants of the meeting in 2017 the local market was developing gradually and the insurance volume growth amounted to 12.5 %.

2018-05-10

International law firm to advise KYRGYZSTAN on Takaful and Sukuk finance

The international law firm SIMMONS & SIMMONS and the Kyrgyz Republic have signed a ground-breaking agreement to provide consultancy services for the development of laws and regulations, supporting the introduction of Takaful (Islamic insurance) and Sukuk (Islamic securities) in the Kyrgyz Republic. The consultancy services to be provided by SIMMONS & SIMMONS are to be funded through a technical assistance grant provided by the Islamic Development Bank (IDB).

2014-05-08

ON THE MOVE

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all