Kyrgyz Insurance Industry Set to Flourish Owing to Rising Demand: Ken Research
Posted on 29 July 2016 by KenResearch Banking Financial Services and Insurance,
- During the review period (2010-2014), the insurance industry in Kyrgyzstan grew at an estimated CAGR of 17.6%.
- The rising popularity of insurance products of all types, including health insurance, engineering and transit insurance and Islamic insurance, is driving the steep growth in the Kyrgyz insurance industry.
- The increase in investments in areas like healthcare and mining as well as the spread of insurance awareness in the country are other factors powering the sector’s growth.
Ken Research has announced its latest publication on, “The Insurance Industry in Kyrgyzstan, Key Trends and Opportunities to 2019”, which provides an exhaustive overview of the trends and participants in the Kyrgyz insurance industry. It outlines the sector’s prospect for growth by segment and category, and provides market forecasts to 2019. The report also analyzes the the competitive landscape of the Kyrgyz insurance industry in detail, along with the economic, demographic and regulatory factors that affect it. Additionally, it profiles the top companies and the key sub-segments in the Kyrgyz insurance industry, on the basis of a comprehensive set of parameters including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
The Kyrgyz insurance industry is currently witnessing a growth in demand for products of different types, which is expected to continue over the forecast period. It is anticipated that the introduction of mandatory insurance classes including motor third-party liability and property insurance against fire and natural disasters will draw European insurers to Kyrgyzstan over the next few years. Besides, it is expected that the rapid inclination towards health consciousness, as well as the proposed increase in healthcare expenditure by the government will result in a spike in demand for health insurance products over the forecast period. Investments in the mining sector are also slated to increase, which will spur demand for non-mainstream insurance products like engineering and transit insurance.
In May 2014, Simmons & Simmons, an international law firm, signed a partnership agreement with the Kyrgyz government for the provision of takaful insurance (Islamic insurance) and sukuk (Islamic bonds), which is identified as another factor that will drive demand for insurance in the country. The introduction of newer, more innovative insurance products, the increasing transparency in the sector, as well as the spread of insurance awareness in the nation will further fuel growth in the Kyrgyz insurance industry over the next five years. Life Insurance Premium Written Report will help the readers to incorporate strategies following part and present trends of the market. Health Insurance Industry Developments can be witnessed while assessing the total population, no of hospitalizations and yoy no of births.
The Global Insurance Industry
Global Insurance Market Report analysis, the worldwide economy is beginning to recover, and is projected to grow moderately over the next five years. This is expected to complement and drive growth in the global insurance industry. The demand for both mainstream as well as non-traditional insurance products is projected to grow, particularly in emerging economies in the Asia-Pacific, which have a bulging middle-class.
Some of the prominent trends of the global insurance industry are:
- Consistently improving regulatory framework
- Continual integration of technology in various insurance segments
- Increased sophistication in risk management techniques
- Better risk monitoring
- More intelligent usage of data analytics to enhance profitability
Key Topics Covered in the Report:
- Detailed economic overview of Kyrgystan
- Analysis of the Kyrgyz insurance industry, including major segments, current trends and competitive landscape
- Study of the regulatory framework that governs the sector
- Detailed profiles of top players in the Kyrgyz insurance industry
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Ankur Gupta, Head Marketing & Communications