Insurance Employee Day in Kyrgyzstan Date in the current year: December 18, 2024

Following the collapse of the Soviet Union, governments of the former Soviet republics became concerned with the development of their own insurance systems. Due to the transition from a centralized to a market economy, there arose the need to create a de-monopolized, non-state-owned insurance system that would protect the financial and property interests of citizens and organizations.

The new insurance system of Kyrgyzstan was formed with some state participation. Some of the newly created insurance companies relied on the personnel and experience of the Gosstrakh (the state insurance agency of the Soviet Union), while others sought to distance themselves from the Gosstrakh as much as possible and relied on young professionals and foreign experience. The first insurance companies in Kyrgyzstan were cooperatives serving only their own founders; among them was one state insurance company.

Within several years from the declaration of Kyrgyzstan’s independence, state insurance control bodies were established and the corresponding legislation was adopted. The insurance market of Kyrgyzstan is developing dynamically, but, unfortunately, not dynamically enough to play a significant role in the country’s economy.

Nevertheless, insurance companies in Kyrgyzstan are doing everything possible for continuous improvement, including exchanging experience with foreign colleagues. The development of the insurance system helps unload the state social security system and reduce the costs of eliminating the consequences of natural or man-made disasters. In addition, the insurance system guarantees compensations and reduces risk, which has a beneficial effect on business, industry and the labor market.

Insurance Employee Day in Kyrgyzstan was established in order to emphasize the contribution of insurance employees to the development of the state economy, as well as the social significance of the services that insurance companies offer to the population. It is marked with professional events organized by the State Service for Regulation and Supervision of the Financial Market, where the most distinguished insurance employees are rewarded for their hard work and remarkable professionalism.