The Insurance Industry in Kyrgyzstan, Key Trends and Opportunities to 2017

Date: 2015-09

The Kyrgyzstani insurance industry is underdeveloped and recorded a penetration rate of 0.36% in 2012, lower than neighboring countries Kazakhstan (0.65%) and Uzbekistan (0.50%). Nevertheless, the industry expanded at a review-period CAGR of 40.8%, with gross written premium increasing from KGS276.9 million (US$7.6 million) in 2008 to KGS1.1 billion (US$23.2 million) in 2012.The non-life segment valued KGS1.06 billion (US$22.5 million) in 2012, accounting for 97.3% of the industryโ€™s gross written premium. Improving economic conditions and infrastructural investment supported the growth. In 2011, 19 insurance companies were registered to conduct business, of which 14 were active. The industry is expected to remain under pressure due to the countryโ€™s instable political situation. Demand for property and liability insurance products, the expansion of economic activities and increased public spending on infrastructure will continue to fuel demand. The industry is expected to post a forecast-period CAGR of 24.4%.

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