Low insurance coverage for residential buildings in Kyrgyzstan
On September 6, 2024, the news agency 24.kg reported that about 134,000 residential buildings in Kyrgyzstan are insured against fires and natural disasters, out of over a million such buildings in the country. Eldiyar Kaldarbekov, Chairman of the Board of the State Insurance Organization, shared this information at a meeting of the Ata Zhurt parliamentary faction.
Currently, there are 15 private insurance companies operating in Kyrgyzstan, with the State Insurance Organization being the only one involved in compulsory housing insurance. Due to the rise in natural disasters, more people are opting to insure their homes. In 2023, the organization received 151 payments totaling 27 million soms, and in the first half of 2024, they received 197 payments amounting to 35 million soms.
The State Insurance Organization has representative offices in every city and village council, even in remote areas of the country. The cost of housing insurance in villages is 600 soms per year, while in cities it is 1,200 soms. In the event of a fire or natural disaster, compensation for damaged housing in villages can reach up to 500,000 soms, and in cities, it can be up to 1 million soms.
This initiative aims to provide financial protection to homeowners in Kyrgyzstan against unforeseen events, ensuring their peace of mind and stability in times of crisis.
