Kyrgyzstan prioritises insurance cooperation with Azerbaijan, official says

Experience sharing and technical cooperation with Azerbaijan in the insurance sector is a priority for Kyrgyzstan.

Tahmina Kamchybekova, Head of the Insurance Regulation Department at the State Service for Regulation and Supervision of the Financial Market under Kyrgyzstan’s Ministry of Economy and Trade, made the remarks during the inaugural Assembly of the Turkic World Insurance Union, Caliber.Az reports via local media.

“The Assembly provides an excellent opportunity to strengthen links between the insurance organizations of both countries and to develop joint projects,” Kamchybekova said.

She noted that Kyrgyzstan currently has 18 insurance and reinsurance companies: one state-owned, 11 private companies with 100% local capital, and six foreign firms.

Kamchybekova also recalled that on March 20, 2024, the President of Kyrgyzstan signed a decree on the development of the insurance market. “In line with this decree, a new law on ‘Insurance and Insurance Activities’ was developed according to international standards and adopted on April 30, 2025.”

She highlighted that Kyrgyzstan currently applies six types of compulsory insurance and that the market has experienced significant growth in recent years: “Insurance premiums now approach 4 billion soms, reflecting the dynamic development of the sector.”

Regarding future plans, Kamchybekova outlined key directions:

• Implementation of an automated information system to centralise insurance services

• Expansion of the functionality of the unified insurance database

• Creation of an insurance pool for compulsory residential property coverage

She added that the project is being implemented with the support of the World Bank and aims to enhance resilience against natural disasters.

By Khagan Isayev