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Only 9 percent of housing stock insured in Kyrgyzstan

Only 9 percent of the housing stock is insured in Kyrgyzstan. Sanzhar Mukanbetov, Chairman of the State Service for Regulation and Supervision over the Financial Market stated.

According to him, only the State Insurance Organization JSC has the exclusive right of compulsory insurance of residential premises. For two years of work in the republic, it has insured more than 80,000 residential units of citizens, which is 9 percent of the total housing stock of the country.

However, for the effective work of the system, it is necessary to ensure housing coverage of at least 60 percent. «Increase in the affordability of home insurance is possible under the conditions of admission to the market of all insurance companies. In this regard, it is proposed to provide private insurance companies with the right to conduct compulsory home insurance,» explained Sanzhar Mukanbetov.

However, the deputies of the Parliament Anvar Artykov and Karamat Orozova opposed the proposed changes. Only state bodies can and should, in their opinion, engage in the compulsory insurance of residential premises.

But in the end, the Committee on International Affairs, Defense and Security of the Parliament approved the submitted bill by a majority vote in the first reading.