One in three insurance companies in Kyrgyzstan ended the quarter with a loss

Kyrgyzstan’s insurance sector started the year with positive financial results, but nearly one in three insurance companies in the country reported a loss.

According to data from the National Statistics Committee, 19 insurance companies were operating in Kyrgyzstan as of the end of January–March. Of these, 11 organizations reported a profit, while six ended the quarter with losses. Two more companies reported a break-even result.

Thus, more than 31% of the country’s insurance companies were unprofitable.

Despite this, the sector as a whole maintained a positive result. The aggregate profit of insurance companies amounted to 323.5 million KGS, while losses reached 243 million KGS. As a result, the industry’s financial result, after deducting losses, was positive and amounted to 80.5 million KGS.