Total assets and obligations of Tajik insurance companies have decreased, according to the National Bank of Tajikistan (NBT).
Total assets of Tajik insurance companies dropped 3.4 percent (14.6 million somonis) in a year to September 30, 2020 and now amount to 417.3 million somonis (equivalent to some 40 million U.S. dollars).
Meanwhile, total obligations of Tajik insurance companies dropped 20 percent (50.3 million somonis) in a year to September 30, 2020 and now amount to 201.4 million somonis.
In late March this year, the Tajik government revised minimum capital requirements for insurance companies upwards to 10 million somonis.
Current minimum capital requirements for insurance companies are 5 million somonis for state-run insurance companies and 500,000 somonis for private insurers.
The companies were given a year to comply with the revised minimum capital requirements.
18 insurers now operate in Tajikistan insurance market, including two state-run insurance companies (Tojiksughurta – 5.2 million somoni and Tojiksarmoyaguzor – 15.6 million somoni), 15 non-state insurers and one mutual insurance support center.
The most active insurers of the private sector are Spitamen-Sughurta (87.7 million somoni) and MUIN (2.4 million somoni).
Among the prevailing classes in the market it is worth noting property insurance, personal insurance, liability insurance and life insurance.
In February last year, the National Bank of Tajikistan announced the creation of the National Association of Insurance Companies, which aims to support the development of insurance activity in the country. The Association reportedly sustains insurance market development and competition, as well as protects the rights of all insured objects.
