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Kyrgyzstan

Kyrgyzstan

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Kyrgyzstan Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Kyrgyzstan includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Kyrgyzstan can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +6
Bishkek
KGS
6.63 mn
2.67
5.66%
19.10 (mn)
0.23

The Kyrgyz Republic declared itself an independent republic in 1991 following the collapse of the Soviet Union. It is a member of the Commonwealth of Independent States (CIS). Kyrgyzstan's economy is heavily reliant on the mining industry that provides over half of exports, with around 40% of those relating to gold production. The country is highly susceptible to any slowdown in the Russian economy due to reliance on trade with Russia and the high number of Kyrgyz workers employed there.

The insurance market remains very small in international terms. Lack of insurance awareness and the lack of finance to purchase insurance on the part of both companies and individuals are the two main factors restricting growth. The most recent amendment to the insurance law allows for the staged introduction of compulsory motor third party liability (CMTPL) insurance.

In 2020 there were 16 companies in the market, consisting of one state-owned company and 15 privately-owned of which two are inactive. The two inactive companies were explicitly established to write CMTPL.

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