This year the law on mandatory third-party liability insurance (MTPL) in Kyrgyzstan begins to be applied to foreigners who own cars too.
In 2019, Kyrgyz market grew to KGS 1.33 billion (EUR 17.09 million), which is 21.29% more y-o-y in local currency, as the data, published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic, show.
At the end of September 2019, GWP of the Kyrgyz insurance market saw an increase by almost 15% y-o-y (in local currency), to KGS 734.38 million/EUR 9.65 million, as the data, published by the National Statistical Committee of the Republic, show.
Total market GWP in 1H2019 reached KGS 523.09 million (EUR 6.61 million), according to data published by the State Service of Financial Market Regulation and Supervision for the Kyrgyz Republic.
According to data published by the Kyrgyz Republic's State Service for Regulation and Supervision of Financial Markets, in the first three months of 2019, GWP amounted to KGS 268.10 million (EUR 3.42 million).
In 2018, the insurance market of Kyrgyzstan saw growth of 8.79% y-o-y in local currency. GWP, generated by insurers, reached KGS 1.09 billion (EUR 13.65 million), as data published by the National Statistical Committee of the Republic show.
Of 17 insurers, INGOSSTRAKH leads the TOP-7 in terms of 2018 GWP (USD 6.09 million), according to an overview of the Kyrgyz market, presented at the international conference in Kazakhstan, dedicated to insurance in Central Asia.
Based on 2018 results, the total GWP of INGOSSTRAKH Insurance Company under direct insurance agreements amounted to KGS 423,5 million, which in total market GWP, generated by 16 insurance companies of the Kyrgyz Republic, is equal to 40,9%.
Insurance company ATN Polis became the market leader of Kyrgyzstan in terms of claims paid in 2018. The insurer's paid claims amounted to KGS 20.51 million (~EUR 0.25 million), according to the company's official announcement on its website.
The State Service on regulation and supervision of the financial market under the government of the Kyrgyz Republic (supervisor) on February 8, 2019 conducted a meeting of the Executive Council, dedicated to the results of 2018 and tasks for 2019, according to the statement on the official website.
On February 7, 2019 the law on compulsory MTPL insurance will come into force in Kyrgyzstan, as the State Service for Regulation and Supervision of the Financial Market under the Government of the Kyrgyz Republic informed.
For 9 months in 2018 GWP of Kyrgyz insurers amounted to KGS 638.96 million, according to the report of the State Service for Regulation and Supervision of the Financial Market under the Government of the Kyrgyz Republic.
Kyrgyzstan plans to develop agro insurance of crops and livestock based on the experience of Turkey, said information agency Kabar.
The law on MTPL, which hasn't been working since its adoption during 10 years, will finally come into force on February 7, 2019, according to the information agency Sputnik.
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.
Initiated by the World Bank, a technical knowledge exchange meeting was held in Bucharest with PAID Romania representatives and a delegation consisting of high-level representatives of the insurance market and the Kyrgyz parliament, on the topic of the Romanian experience in building a compulsory home insurance scheme.
Total profit for the 1st quarter 2018 amounted to KGS 58.2 million. "Out of 21 insurance companies of the market, profit was generated by 10 companies", - informed the National statistics committee.
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 %.