At the end of June 2020, the lower house of the Tajik Parliament
approved the law "On compulsory insurance of liability of vehicle owners", aimed at increasing competition in the segment, the Tajik news agency reported.
According to the results of the 2020 first quarter, the Tajik insurance market saw a rapid growth, expanding by more than 11% y-o-y. Market GWP exceeded TJS 92 million (~EUR 8.22 million), as the data published by The National Bank of Tajikistan show.
The insurance industry in Tajikistan is developing with new participants entering the market. However, public awareness of insurance and principles of the insurance activities remains low, although, according to SPITAMEN Insurance, the basic insurance principles are almost no different from the global ones, ASIA-Plus writes.
The Tajik insurance market GWP in local currency remained almost unchanged at the end of 2019 (+0.03%), reaching TJS 234.3 million (~EUR 21.6 million), the conversion in euro showing a slight decrease compared to 2018.
By the end of 3Q2019, the Tajik insurance market grew by almost 19% in local currency, while in euro the growth was 22.18%. GWP amounted to KGS 168.47 million (EUR 15.90 million), according to the data, published by the National Bank of the country.
A new insurance company, Eskhata Sugurta, has been registered on the Tajik market, Avesta news agency reports, citing the press center of the National Bank of the country.
In the first six months of 2019, the Tajik insurance market increased by about 4% in local currency, to TJS 97.40 million (EUR 9.07 million), according to the data, published by the National Bank of Tajikistan.
From January to June 2019, 31.4% of all insurance contracts of the state insurer TAJIKSUGURTA fell on voluntary life insurance, according to the director Shukhrat MAKSUDZODA, as Sputnik reports.
In 1Q2019, GWP of the Tajik insurance market increased by about 4% y-o-y in local currency. At the same time, compulsory insurance showed impressive growth amid falling GWP of the voluntary types, as the data, published by the National Bank of Tajikistan, show.
The National Bank of Tajikistan approved a voluntary insurance license for Takalluf company, based on a decision made May 7. The term of the license is 5 years, ASIA-Plus Media Group reports with reference to the press service of the National Bank.
The National Bank of Tajikistan revoked the licenses of two insurance companies - LONDON DUSHANBE and M-Polis, the regulator said.
In February 2019, the National Bank of Tajikistan announced the creation of the National Association of Insurance Companies, which will support the development of insurance activity in the country.
In 2018, Tajik insurers generated TJS 234.2 in GWP (EUR 21.68 million), the market decreased both in local currency (-0.7%) and in euro (-2.76%), according to market data published by the National Bank of Tajikistan.
In January this year the National Bank of Tajikistan has granted operating licenses to two new insurance companies - MEHRUBON and Tajik-Chinese Insurance.
For 9 months of 2018 Tajik insurers generated GWP in the amount of TJS 141.97 million (EUR 13.32 million), TJS 34.01 million from which were ceded in reinsurance (in voluntary classes only), as the data of the National Bank of Tajikistan show.
In the first half year Tajik market generated TJS 93.63 million of GWP (EUR 8.79 million), TJS 20.65 million from that amount were ceded in reinsurance, based on the data, published by the National Bank of Tajikistan.
SUGURTAI MILLI stopped its insurance activity due to expiration of its license, as informed the press service of the National Bank of Tajikistan.
Insurance company SUGURTAI NACHOT stopped its insurance activity on the Tajik market due to expiration of its license, as informed the press service of the National Bank of Tajikistan.
Russia proposed Tajikistan to consider the possibility of obtaining observer status in the Eurasian Economic Union (EEU).
According to the year-end market figures, published by the National Bank of Tajikistan, Tajik insurers totally produced TJS 235.84 million (EUR 22.30 million) of GWP by the end of December 2017.