One more private insurance company – DS Sughurta LLC – has been granted to operate in Tajikistan, bringing a total number of insurance companies operating in the country to 19.
According to the press center of the National Bank of Tajikistan (NBT), the company has got the right to engage in both compulsory and voluntary insurance in Tajikistan during five years.
Speaking at the license giving ceremony, NBT head Hokim Kholiqzoda and DS Sughurta top manager Bahrom Ashourov “expressed confidence in the development of the insurance market, the country, expansion of the range of modern insurance products that contributes to ensuring healthy competition in the country's insurance market.”
The Tajik government has revised minimum capital requirements for insurance companies upwards to 2 million somonis and 50 million somonis, depending on the forms of property. The companies must increase their authorized capitals until April 1, 2021.
The authorities justified this decision by saying that “the share of insurance penetration into the economy is equal to only 0.7 percent of the country’s gross domestic product (GDP), which is one of the lowest rates in the world, and this indicator directly depends on the low requirements for the authorized capital.”
Xprimm.com notes that at the end of the third quarter of 2020, the insurance market in Tajikistan expanded by 4.05% to 175.30 million somonis. At the same time, again, growth was provided by voluntary types of insurance, while compulsory insurance continued the downward trend, according to data published by the National Bank.
Thus, nineteen insurers now operate in Tajikistan insurance market, including two state-run insurance companies (Tojiksughurta and Tojiksarmoyaguzor), 16 non-state insurers and one mutual insurance support center.
The most active insurers of the private sector are Spitamen-Sughurta and MUIN.
Among the prevailing classes in the market it is worth noting property insurance, personal insurance, liability insurance and life insurance.
