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)

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