The penetration of compulsory motor third-party liability insurance in Kyrgyzstan has reached 60%

The Ministry of Economy and Commerce held a ceremony dedicated to Insurance Market Workers' Day, during which the dynamics of the insurance industry's development and the growth of key indicators were noted. Deputy Minister of Economy and Commerce Benazir Nurlanova took part in the event.

As the Deputy Minister emphasized, in recent years, the insurance market in Kyrgyzstan has shown steady growth, facilitated by the coordination of actions between government agencies and market participants, as well as the implementation of a set of measures to develop the industry.

“The volume of the insurance portfolio has grown significantly compared to previous years. In particular, the penetration of compulsory motor third-party liability insurance has reached 60%, and the level of home insurance has exceeded 30%,” Nurlanova noted.

The development of the insurance market is enshrined at the institutional level. In 2017, a government decree established a professional holiday, Insurance Market Workers' Day, and in March 2024, a decree of the President of the Kyrgyz Republic “On measures to develop the insurance market” was adopted, defining insurance as one of the priority sectors of the economy.

The ministry also noted that, along with compulsory types of insurance, there is growing interest in voluntary insurance products, and international cooperation with insurance and financial institutions is reaching a new level.

The event concluded with an awards ceremony for insurance industry employees.