Fitch Ratings has upgraded The State Insurance Organization of Turkmenistan’s (SIOT) Insurer Financial Strength (IFS) Rating and Long-Term Issuer Default Rating (IDR) to ‘B+’ from ‘B’. The Outlooks are Stable. The upgrade reflects stronger confidence that the Turkmenistan government will support the company if needed.
SIOT is fully owned by the government and has legal guarantees for its compulsory insurance obligations. As the only authorized provider of mandatory insurance in Turkmenistan, the company is strategically important to the country.
Fitch Upgrades The State Insurance Organization of Turkmenistan to ‘B+’; Outlook Stable
SIOT is Turkmenistan’s largest insurer, though its market share has declined from 92% in 2023 to 60% in the first nine months of 2025. This drop is actually viewed positively—it’s because SIOT avoided entering the risky financial insurance segment that other insurers rushed into. The company handles both voluntary insurance (property, motor, health) and all compulsory insurance in the country, including mandatory motor liability, fire, and employee insurance. /// nCa, 22 January 2026