Situation of the insurance market in the first half of 2022

On July 21, 2022 it was held the meeting devoted to summarizing the work of the insurance market for the first half of 2022 under the chairmanship of the Deputy Chairman of National Bank of Tajikistan Tolibzoda Firdavs Nazrimad in the National Bank of Tajikistan where heads of the insurance institutions of the country and relevant structural subdivisions of the NBT took part.

            Opening the meeting, Deputy Chairman Tolibzoda Firdavs Nazrimad has noted that during the reporting period, the assets of the country's insurance system as part of the assets of financial system have demonstrated a growth trend. In particular, in the first half of this year, assets increased by 12.3% compared to the same period of last year, total capital by 17.3%, investments in the banking system by 16.6% and income from them by 82.0%. Insurance payments and compensations increased by 30.4% compared to the first half of 2021, amounting to TJS 10.1 million.

            “Despite the achievement of positive results, the insurance institutions, being an integral part of the country's financial system, need to contribute to development of the country's economy. This contribution, as an additional source of financing for sectors of the economy, will contribute to the achievement of national goals and effective results,” has noted the Deputy Chairman Tolibzoda Firdavs.

            At the same time, special emphasis was placed on ensuring the relationship between insurance organizations and credit financial institutions, as well as creating appropriate conditions for the development of the insurance market. Insurance of banking services has a positive effect on the liquidity of the banking system, contributes to an increase in the activity of insurance organizations, and it serves as a factor in increasing demand and supply for banking and insurance products.

            In her presentation “The current situation of the insurance market of the republic in the first half of 2022”, the head of the Insurance Supervision Department Huseinova Dilbar briefly addressed the meeting about main indicators of the insurance market as well as tasks of the insurance sector for the second half of 2022.

            Then the participants discussed and expressed their views on the existing opportunities and challenges hindering the development of the insurance market.

            In conclusion, after summing up the results of the insurance market for the first half of 2022, the Deputy Chairman of National Bank of Tajikistan emphasized the need to take timely measures for improving the quality of services provided, to introduce modern products, to strengthen explanatory work and ensure the sustainability of the financial situation of insurance organizations guided by the instructions of the Founder of the peace and national unity - Leader of nation, President of the Republic of Tajikistan, honorable Emomali Rahmon.

            Press Division