The Insurance Industry in Kyrgyzstan, Key Trends and Opportunities to 2019

Date: April 30, 2016
Pages: 90
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The Insurance Industry in Kyrgyzstan, Key Trends and Opportunities to 2019
SYNOPSIS

Timetric’s 'The Insurance Industry in Kyrgyzstan, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Kyrgyz insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also gives a comprehensive overview of the Kyrgyz economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

SUMMARY

Timetric’s 'The Insurance Industry in Kyrgyzstan, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Kyrgyz insurance industry, including:
  • The Kyrgyz insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Kyrgyz economy and demographics
  • The detailed competitive landscape in the Kyrgyz insurance industry
  • Details of regulatory policy applicable to the Kyrgyz insurance industry
  • Analysis of natural hazards in the Kyrgyz insurance industry
SCOPE

This report provides a comprehensive analysis of the insurance industry in Kyrgyzstan:
  • It provides historical values for the Kyrgyz insurance industry for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key segments in the Kyrgyz insurance industry, along with market forecasts to 2019.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in Kyrgyzstan, and outlines the key regulations affecting them.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the Kyrgyz insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Kyrgyz insurance industry.
  • Assess the competitive dynamics in the Kyrgyz insurance industry.
  • Identify growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Kyrgyz insurance industry, and their impact on companies and the industry's future.
KEY HIGHLIGHTS
  • The industry grew at a review period (2010–2014) compound annual growth rate (CAGR) of 17.6%.
  • The implementation of compulsory insurance classes such as motor third-party liability and property insurance against fire and natural disasters are expected to attract European insurers to Kyrgyzstan over the forecast period.
  • The increase in healthcare expenditure and public awareness towards health are expected to benefit private health insurers.
  • Over the forecast period, raising investments into mining is expected to spur the demand for engineering and transit insurance products.
  • International law firm Simmons & Simmons signed a partnership agreement with the government in May 2014, to provide takaful insurance (Islamic insurance) and sukuk (Islamic bonds).
  • The introduction of new insurance products, transparency in business and increasing insurance awareness are expected to support the insurance industry's growth over the forecast period.


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1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 KYRGYZ INSURANCE INDUSTRY OVERVIEW

4.1 Kyrgyz Insurance Industry

5 LIFE INSURANCE

6 NON-LIFE INSURANCE

6.1 Property Insurance
6.2 Liability Insurance

7 REINSURANCE

8 NATURAL HAZARDS

8.1 Floods
8.2 Landslide
8.3 Earthquake
8.4 Exposure

9 COMPETITIVE LANDSCAPE

9.1 Overview
9.2 Leading Companies
  9.2.1 Kyrgyzinstrakh Insurance Company – company overview
  9.2.2 JSC Mega Insurance Group – company overview
  9.2.3 Health Insurance Company – company overview
  9.2.4 CJSC Amanatpolis Insurance Company – company overview
  9.2.5 OJSC Kyrgyzstan Insurance Company – company overview

10 GOVERNANCE, RISK AND COMPLIANCE

10.1 Legislation Overview and Historical Evolution
10.2 Latest Changes in Regulations
10.3 Legislation and Market Practice by Type of Insurance
  10.3.1 Life insurance
  10.3.2 Property insurance
  10.3.3 Motor insurance
  10.3.4 Liability insurance
  10.3.5 Marine, aviation and transit insurance
  10.3.6 Personal accident and health insurance
10.4 Compulsory Insurance
  10.4.1 Civil liability insurance for carriers of dangerous goods
  10.4.2 Civil liability insurance for hazardous manufacturing facilities
  10.4.3 Employers' liability insurance
  10.4.4 Civil liability of the carriers to the passengers
  10.4.5 Compulsory insurance of premises from the fire and natural disasters
10.5 Supervision and Control
  10.5.1 Financial Service Authority – FSA
10.6 Non-Admitted Insurance Regulations
  10.6.1 Overview
  10.6.2 Intermediaries
  10.6.3 Market practices
  10.6.4 Fines and penalties
10.7 Company Registration and Operations
  10.7.1 Types of insurance organization
  10.7.2 Establishing a local company
  10.7.3 Foreign ownership
  10.7.4 Types of license
  10.7.5 Capital requirements
  10.7.6 Solvency margins
  10.7.7 Reserve requirements
  10.7.8 Investment regulations
  10.7.9 Statutory return requirements
  10.7.10 Fee structure
10.8 Taxation
  10.8.1 Insurance premium or policy taxation
  10.8.2 Withholding taxes on premium paid overseas
  10.8.3 Corporate tax
  10.8.4 VAT
  10.8.5 Captives
10.9 Legal System
  10.9.1 Introduction
  10.9.2 Access to court
  10.9.3 Alternative dispute resolution (ADR)

11 DEFINITIONS AND METHODOLOGY

11.1 Definitions
11.2 Methodology

12 ABOUT TIMETRIC

12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric’s Services
12.4 Disclaimer

LIST OF FIGURES

Figure 1: Kyrgyz Real GDP (KGS Billion), 2010–2019
Figure 2: Kyrgyz Consumer Price Inflation, 2010–2019
Figure 3: KGS–US$ Exchange Rate, 2010–2019
Figure 4: Kyrgyz Unemployment Rate, 2010–2019
Figure 5: Kyrgyz Population by Age Group, 1991–2025
Figure 6: Kyrgyz Insurance Gross Written Premium by Segment (KGS Billion), 2010–2019
Figure 7: Kyrgyz Insurance Gross Written Premium Market Dynamics by Segment, 2010–2019
Figure 8: Kyrgyz Insurance Direct Written Premium by Segment (KGS Billion), 2010–2019
Figure 9: Kyrgyz Insurance Direct Written Premium Market Dynamics by Segment, 2010–2019
Figure 10: Kyrgyz Life Insurance – Gross Written Premium (KGS Thousand), 2010–2014
Figure 11: Kyrgyz Life Insurance – Gross Written Premium (KGS Thousand), 2014–2019
Figure 12: Kyrgyz Life Insurance – Direct Written Premium (KGS Thousand), 2010–2014
Figure 13: Kyrgyz Life Insurance – Direct Written Premium (KGS Thousand), 2014–2019
Figure 14: Kyrgyz Life Insurance – Total Assets (KGS Thousand), 2010–2014
Figure 15: Kyrgyz Life Insurance – Total Assets (KGS Thousand), 2014–2019
Figure 16: Kyrgyz Life Insurance – Insurance Penetration (Ratio of Direct Premiums to GDP), 2010–2014
Figure 17: Kyrgyz Life Insurance – Insurance Density (Direct Premiums per Capita) (KGS), 2010–2014
Figure 18: Kyrgyz Non-Life Insurance – Gross Written Premium by Category (KGS Million), 2010–2019
Figure 19: Kyrgyz Non-Life Insurance – Gross Written Premium by Category (%), 2014 and 2019
Figure 20: Kyrgyz Non-Life Insurance – Gross Written Premium Dynamics by Category, 2010–2019
Figure 21: Kyrgyz Non-Life Insurance – Direct Written Premium by Category (KGS Million), 2010–2019
Figure 22: Kyrgyz Non-Life Insurance – Direct Written Premium by Category (%), 2014 and 2019
Figure 23: Kyrgyz Non-Life Insurance – Direct Written Premium Dynamics by Category, 2010–2019
Figure 24: Kyrgyz Non-Life Insurance – Paid Claims (KGS Million), 2010–2014
Figure 25: Kyrgyz Non-Life Insurance – Paid Claims (KGS Million), 2014–2019
Figure 26: Kyrgyz Non-Life Insurance – Total Assets (KGS Billion), 2010–2014
Figure 27: Kyrgyz Non-Life Insurance – Total Assets (KGS Billion), 2014–2019
Figure 28: Kyrgyz Non-Life Insurance – Net Written Premiums (KGS Million), 2010–2014
Figure 29: Kyrgyz Non-Life Insurance – Net Written Premiums (KGS Million), 2014–2019
Figure 30: Kyrgyz Non-Life Insurance Penetration (Ratio of Direct Premiums to GDP), 2010–2014
Figure 31: Kyrgyz Non-Life Insurance Density (Direct Premiums per Capita) (KGS), 2010–2014
Figure 32: Kyrgyz Property Insurance – Gross Written Premium (KGS Million), 2010–2014
Figure 33: Kyrgyz Property Insurance – Gross Written Premium (KGS Million), 2014–2019
Figure 34: Kyrgyz Liability Insurance – Gross Written Premium (KGS Million), 2010–2014
Figure 35: Kyrgyz Liability Insurance – Gross Written Premium (KGS Million), 2014–2019
Figure 36: Kyrgyz Reinsurance – Premium Ceded (Excluding Retrocession) (KGS Million), 2010–2014
Figure 37: Kyrgyz Reinsurance – Premium Ceded (Excluding Retrocession) (KGS Million), 2014–2019
Figure 38: Kyrgyz Non-Life Insurance – Percentage of Premiums Ceded (Excluding Retrocession), 2010–2014
Figure 39: Kyrgyz Non-Life Insurance – Percentage of Premiums Ceded (Excluding Retrocession), 2014–2019
Figure 40: Kyrgyz Frequency of Hazards by Type (%), 1990–2014
Figure 41: Kyrgyz Mortality by Type of Hazard (%), 1990–2014
Figure 42: Kyrgyz Economic Loss by Type of Hazard (%), 1990–2014
Figure 43: Kyrgyzstan Insurance Industry – Market Shares, 2014
Figure 44: Kyrgyzstan – Insurance Regulatory Frameworks for Company Registration and Operation

COMPANIES MENTIONED

Kyrgyzinstrakh Insurance Company
JSC Mega Insurance Group
Health Insurance Company
CJSC Amanatpolis
OJSC Kyrgyzstan Insurance Company

In terms of gross written premium, the Kyrgyzstani insurance industry achieved a robust CAGR of 33.4% during the review period. The increase was largely attributed to the robust demand of property and liability insurance products, improving macro and microeconomic fundamentals and increasing public infrastructure spending. These factors are projected to remain buoyant and fuel the demand for insurance products, especially property and liability insurance. As a result, the industry is projected to grow at a CAGR of 25.9% over the forecast period.

Expanding mining industry to spur demand for engineering and transit insurance

The contribution of the mining industry is important in the development of Kyrgyzstan’s GDP. According to the World Bank, the mining industry contributes approximately 10% of GDP, 26% of tax revenues, and 40% of export profitability. The government also planned to expand the industry through its MidTerm Development Program 2012–2014. The program aims to attract investments towards the exploitation and development of various mines such gold, coal and tin. The government is also aiming to introduce reforms and amend existing mining laws in regards to improving the investment environment, licensing procedures and institutional changes. These government initiatives are expected to spur the growth of the mining industry over the forecast period. This in turn will fuel demand for mining equipment and, consequently, engineering equipment insurance. Moreover, the demand for transit insurance products is projected to accelerate significantly over the forecast period as the export of mining products will rise in line with mining industry growth.

Ongoing infrastructure development projects may accelerate demand for property insurance

In order to provide an incentive to the country’s economy and support the infrastructure development, the Kyrgyzstani government announced several infrastructural development programs in collaboration with external sources such as the World Bank, International Monetary Fund (IMF) and Asian Development Bank. Since joining the World Bank in 1992, the country has gained support from the bank and its associates to improve infrastructure in the country. The World Bank has committed to invest approximately US$1 billion in 48 infrastructure development projects, out of which 31 projects have been concluded so far with a value of US$724.5 million and another 17 projects are ongoing. The execution of these projects is expected to fuel the demand for property insurance.

Frequent occurrence of natural disasters impacts insurance profitability

Kyrgyzstan is prone to natural disasters such as floods, earthquakes, landslides, hail and drought. The country witnessed a number of natural disasters over the past decade, including a severe drought in 2009. As a result of these events, insurance providers, especially property insurance providers, incurred losses and the situation is expected to continue to impact the insurers’ earnings. However, the Kyrgyzstan government took proactive action to safeguard the insurance provider’s interest and losses from the occurrence of natural disasters. In light of this, the government is on the verge of establishing a national reinsurance company. The operations of the reinsurance company will safeguard insurance providers’ losses in times of financial crisis or natural disasters.

The material was prepared in July, 2013.

LIST OF TABLES

Table 1: Kyrgyz Insurance Industry – Key Facts
Table 2: Kyrgyz Government Credit Ratings
Table 3: Kyrgyz Insurance Gross Written Premium by Segment (KGS Million), 2010–2014
Table 4: Kyrgyz Insurance Gross Written Premium by Segment (US$ Million), 2010–2014
Table 5: Kyrgyz Insurance Gross Written Premium by Segment (KGS Million), 2014–2019
Table 6: Kyrgyz Insurance Gross Written Premium by Segment (US$ Million), 2014–2019
Table 7: Kyrgyz Insurance Segmentation by Gross Written Premium (Percentage Share), 2010–2019
Table 8: Kyrgyz Insurance Direct Written Premium by Segment (KGS Million), 2010–2014
Table 9: Kyrgyz Insurance Direct Written Premium by Segment (US$ Million), 2010–2014
Table 10: Kyrgyz Insurance Direct Written Premium by Segment (KGS Billion), 2014–2019
Table 11: Kyrgyz Insurance Direct Written Premium by Segment (US$ Million), 2014–2019
Table 12: Kyrgyz Insurance Segmentation by Direct Written Premium (Percentage Share), 2010–2019
Table 13: Kyrgyz Life Insurance – Gross Written Premium (KGS Thousand), 2010–2014
Table 14: Kyrgyz Life Insurance – Gross Written Premium (KGS Thousand), 2014–2019
Table 15: Kyrgyz Life Insurance – Direct Written Premium (KGS Thousand), 2010–2014
Table 16: Kyrgyz Life Insurance – Direct Written Premium (KGS Thousand), 2014–2019
Table 17: Kyrgyz Life Insurance – Total Assets (KGS Thousand), 2010–2014
Table 18: Kyrgyz Life Insurance – Total Assets (KGS Thousand), 2014–2019
Table 19: Kyrgyz Non-Life Insurance – Gross Written Premium by Category (KGS Million), 2010–2014
Table 20: Kyrgyz Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2010–2014
Table 21: Kyrgyz Non-Life Insurance – Gross Written Premium by Category (KGS Million), 2014–2019
Table 22: Kyrgyz Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2014–2019
Table 23: Kyrgyz Non-Life Insurance – Direct Written Premium by Category (KGS Million), 2010–2014
Table 24: Kyrgyz Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2010–2014
Table 25: Kyrgyz Non-Life Insurance – Direct Written Premium by Category (KGS Million), 2014–2019
Table 26: Kyrgyz Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2014–2019
Table 27: Kyrgyz Non-Life Insurance – Paid Claims (KGS Million), 2010–2014
Table 28: Kyrgyz Non-Life Insurance – Paid Claims (KGS Million), 2014–2019
Table 29: Kyrgyz Non-Life Insurance – Total Assets (KGS Billion), 2010–2014
Table 30: Kyrgyz Non-Life Insurance – Total Assets (KGS Billion), 2014–2019
Table 31: Kyrgyz Non-Life Insurance – Net Written Premiums (KGS Million), 2010–2014
Table 32: Kyrgyz Non-Life Insurance – Net Written Premiums (KGS Million), 2014–2019
Table 33: Kyrgyz Property Insurance – Gross Written Premium (KGS Million), 2010–2014
Table 34: Kyrgyz Property Insurance – Gross Written Premium (KGS Million), 2014–2019
Table 35: Kyrgyz Liability Insurance – Gross Written Premium (KGS Million), 2010–2014
Table 36: Kyrgyz Liability Insurance – Gross Written Premium (KGS Million), 2014–2019
Table 37: Kyrgyz Reinsurance – Premium Ceded (Excluding Retrocession) (KGS Million), 2010–2014
Table 38: Kyrgyz Reinsurance – Premium Ceded (Excluding Retrocession) (KGS Million), 2014–2019
Table 39: Kyrgyz Non-Life Insurance – Percentage of Premiums Ceded (Excluding Retrocession), 2010–2014
Table 40: Kyrgyz Non-Life Insurance – Percentage of Premiums Ceded (Excluding Retrocession), 2014–2019
Table 41: Kyrgyz Average Annual Economic Loss by Type of Hazard
Table 42: Kyrgyzstan Insurance Industry – Market Shares, 2014
Table 43: Kyrgyzinstrakh Insurance Company – Key Facts
Table 44: JSC Mega Insurance Group – Key Facts
Table 45: Health Insurance Company – Key Facts
Table 46: CJSC Amanatpolis Insurance Company – Key Facts
Table 47: OJSC Kyrgyzstan Insurance Company – Key Facts
Table 48: Kyrgyzstan – Insurance Regulatory Framework Key Features
Table 49: Kyrgyzstan – Life Insurance Regulatory Framework
Table 50: Kyrgyzstan – Property Insurance Regulatory Framework
Table 51: Kyrgyzstan – Motor Insurance Regulatory Framework
Table 52: Kyrgyzstan – Liability Insurance Regulatory Framework
Table 53: Kyrgyzstan – Corporate Tax Rates for the Financial Year 2015
Table 54: Insurance Industry Definitions

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