TURKMENISTAN, FY2011: Figures showing the "local appetite" for insurance

In 2011 the gross premium written in Turkmenistan was of EUR 45.7 million, 15% more as compared to a year before. By insurance classes, voluntary segment predominated and represented 95% of total, a hardly usual situation for CIS Region. Looking at the past results, one should notice that the insurance market increased six times in last five years. Responsible for the development of the insurance industry is "the only one" company that operates: TURKMEN GOSSTRAKH which can be translated into "State Insurance Organization of Turkmenistan".

The insurance market was not always a monopoly. After the collapse of the Soviet Union in 1991, the insurance market was partially opened to competition, and both state and private companies were operating. In 2000, the government cancelled the licenses of all the private insurers operating in the market, and effectively re-nationalized the insurance industry in Turkmenistan, TURKMEN GOSSTRAKH which was taken into full state ownership in 1997, remaining the only one player. For a period of some years, this reality resulted in blocking the industries' development. At the same time, market penetration declined because TURKMEN GOSSTRAKH does not have the entrepreneurial spirit that the private insurers had.

In recent years, insurance market has rebounded, growing exponentially, demonstrating the "local appetite" for insurance.

Access www.xprimm.com and download the FY Turkmenistan insurance market statistics (in EUR and TMT).
  • Market portfolio
  • Gross written premiums
  • Growth rates

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