Turkmenistan

Location:
Central Asia, bordering the Caspian Sea, between Iran and Kazakhstan

Climate:
subtropical desert

Natural hazards:
NA









Currency: Manat (TMT)

1 EUR = 3.4670 Manat - TMT (December 31st, 2014)
1 EUR = 3.9162 Manat - TMT (December 31st, 2013)
1 EUR = 3.7646 Manat - TMT (December 31st, 2012)
1 EUR = 3.6908 Manat - TMT (December 31st, 2011)
1 EUR = 3.7737 Manat - TMT (December 31st, 2010)

Sources:

The Central Bank of Turkmenistan
State Insurance Organization of Turkmenistan

Insurance statistics

FY2013Insurance market overview pdf
FY2012Insurance market overview pdf
1H2012Insurance market overview pdf
FY2011Insurance market overview pdf
FY2011Market Portfolioxlsx
1H2011Insurance market overviewpdf
1H2011Market portfolioxlsx
2010Insurance market overviewpdf
2010Market portfolio
xls

FY2013 Insurance market overview

FY2012 Insurance market overview

See all statistics

TURKMENISTAN: Steps forward to create a single insurance information network

The State Insurance Organization of Turkmenistan, for the time being the sole insurance entity in the country, is completing the creation of a single information network, TREND news agency reported. The Turkmen State Insurance Organization has an extensive network in the country of more than 40 offices and is currently taken steps to expand its partnerships with leading international insurance, reinsurance companies and insurance brokers.

TURKMENISTAN: A chance for the insurance market demonopolisation in 2014

Starting July 1st, 2014 in Turkmenistan the process of demonopolisation and privatisation of state property will begin, in accordance with the law adopted in December 2013 by the Turkmen Parliament. The new law enforcement also addresses the development of the insurance industry, as it allows the entrance of private capital in this area of business, previously completely controlled by the State through a state monopoly insurance company (The State insurance Company of Turkmenistan).

TURKMENISTAN introduced compulsory ecological insurance

Compulsory ecological insurance is being introduced in Turkmenistan on March 1, 2013 for enterprises and those conducting ecologically dangerous activities according to an official source from Turkmenistan.

TURKMEN parliament approves insurance bill

The Majlis (Turkmen Parliament) at the next meeting of the fourth convocation of the country has approved the law on Insurance, an official Turkmen source said today.

TURKMENISTAN is preparing to launch a new insurance company

In the near future will be launched a new player on the insurance market of Turkmenistan, informed the local media. The company name will be ATIYACLANDYRYS Hyzmatlary ("Insurance Services"), and will have the following local entities as shareholders: TURKMENGAS (25%% stake in share capital as a founder), TURKMENISTAN Airlines (with a share of 15% of the authorized capital) and State Insurance of Turkmenistan (with a share of 10%).

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".