OVERVIEW OF INSURANCE SYSTEM OF THE REPUBLIC OF TAJIKISTAN FOR 2022

05.05.2023 10:42

As of December 31, 2022, there are 16 insurance organization operating in the Republic of Tajikistan, 1 of which is a state-owned organization (in form of SUE) and 15 are non-state insurance organizations. The number of branches of insurance (reinsurance) organizations for the reporting period amounted to 67 units, which is less for 5 units compare to 2021. 

In 2022, by the Resolutions of Board of the National Bank of Tajikistan, the insurance organizations the LLC "IO Insurance" and LLC "IO Bima Life" were issued a license for carrying out insurance activities, and the validity period of the license of LLC "IO Itminon" was extended. In connection with the change of name and location, the licenses of LLC «IO Sipahr», LLC «SPO Spitamen Insurance», LLC «IO Takafful», LLC «Insurance of the 21st Century» and LLC «IS Bima Life» were reissued.

For this period due to expiration of the license of CJSC «IO Kafil», by the Resolution of Board of the National Bank of Tajikistan its license was terminated.

During the reporting year, by the Resolution of Board of the National Bank of Tajikistan, to the audit organizations LLC "CROW HORVAT" and LLC "Kreston AS" were issued a licenses to carry out auditing activities in the field of auditing of insurance (reinsurance) organizations.

 

Table 1. Number of insurance (reinsurance) organizations

       and their branches in 2022

                                                                                                                                                                                                                (in units)

 

2021

2022

Changes (+/-)

Insurance organizations

19

16

-3

        State insurance organizations

2

1

-1

        Non-state insurance organizations

17

15

-2

Branches of insurance organizations

72

67

-5

 

Total assets of insurance (reinsurance) organizations in 2022 amounted to TJS 612.2 million, which is more for TJS 86.3 million (16.4 %) compare to the previous year, of which solvent assets (in cash, bank savings and investments) amounted to TJS 507.6 million, consisting 82.9 % of total assets.

In total, the share of assets of insurance system in relation to the total assets of the country's financial system for the reporting period has reached 1.9%, amounting to 0.5% of GDP.

        In 2022, the balance sheet liabilities of insurance (reinsurance) organizations of the country amounted to TJS 225.9 million, which is more by TJS 20.4 million (9.9%) in compare to the same date of 2021.

        Own funds (capital)[1] of the country's insurance system for 2022 amounted to TJS 386.3 million, which is more for TJS 65.9 million (20.6%) compare to the same period of last year. This increase is regarded as an important priority in terms of financial stability and solvency of insurance (reinsurance) organizations.

        The authorized capital (fund) of insurance organizations as of December 31, 2022 amounted to TJS 279.5 million, which is more by TJS 43.9 million (18.6%) in compare to the same date in 2021.

        Total number of insurance contracts in 2022 amounted to 2 114.5 thousand units, which increase by 143.8 thousand units (7.3%) compared to the same period of last year. This process indicates that year by year the interest of the population in the insurance is increasing and financial literacy is also improving.

Total volume of insurance premiums (insurance payments) for January – December, 2022 amounted to TJS 305.9 million, which is more for TJS 19.5 million (6.8%) compared to the same period of 2021.

Insurance liabilities of the insurance (reinsurance) organizations for the reporting period amounted to TJS 105.6 billion, having increased by TJS 698.7 million (0.7%) compared to the same period of 2021.

        At the same time risks transferred for reinsurance by insurance organizations in 2022 amounted to TJS 68.0 billion, which is less by TJS 5.7 billion (7.7%) compare to the same period of last year. 

        Ceded premiums (insurance payments) of insurance system transferred for reinsurance organizations in 2022 amounted to TJS 71.5 million, which is less for TJS 11.7 million (14.1%) compare to the same period of last year. On one hand, this process has a positive impact on the financial stability and solvency of insurance (reinsurance) organizations and on the other hand, it contributes to the timely repayment of insurance claims.

        Formulation and availability of insurance reserves in insurance organizations timely payment of insurance claims from insurance organizations, for the reporting period amounted to TJS 170.7 million, which is more for TJS 488.0 thousand somoni (0.3%) compared to the same period of 2021.

        It should be noted that, the process of formulation of insurance reserves in the insurance system of the country for the reporting period was ensured to a large extent.

        Insurance payments (insurance compensations) for the reporting period tended to increase and amounted to TJS 26.3 million, which is increased by TJS 4.0 million (17.9%) compare to the same period of 2021.     

        The volume of savings of insurance (reinsurance) institutions in the banking system of the country in 2022 amounted to TJS 43.3 million, which is more by TJS 9.2 million (27%) compare to the last year, this process is aimed at facilitating the implementation of investments in various sectors of the economy of country.

        The net profit of insurance institutions amounted to TJS 77.8 million, which is more by TJS 15.8 million compare to the same period of last year. (25.4%).

Gallery

Calendar

  • business-portal_thumb.jpg