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

Published: Apr 29, 2016 | Pages: 90 | Publisher: Timetric | Industry: Insurance | Report Format: Electronic (PDF)

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.
 Table of Contents

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 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

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 



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