STATISTICS: UZBEKISTAN, 1Q2018: market results strongly affected by the y-o-y currency depreciation against euro

In Q1 2018 Uzbek insurance market saw a significant growth in local currency by 83.2%, while in European currency total premiums dropped by 29.13% due to big depreciation against euro compared to Q1 2017 (almost 3 times), according to the official report of the Uzbek insurance supervisory authority.

The market share of the voluntary classes on y-o-y basis increased to almost 83%, at that growth of the voluntary classes amounted to more than 120%, but mandatory insurance had an opposite trend and reduced its market share to 17%. Claims of both segments in local currency increased, in mandatory insurance segment claims jumped a lot higher than in the voluntary one. Total market in Q1 saw claims growth by almost 10%.

The huge depreciation of the local currency affected almost all insurers resulting in reduction of premiums in euro. On the other hand, in uzbek soms almost all insurers saw a positive trend in gross written premiums. TOP-5 market leaders in terms of GWP include UZBEKINVEST (~UZS 88 billion, up by 285%), UZAGROSUGURTA (~UZS 42 billion), Alfa Invest, New Life Insurance and KAFOLAT. However, in terms of paid claims the leader is O'zbekinvest Hayot (UZS 14 billion) followed by New Life Insurance and UZAGROSUGURTA. Total number of Uzbek insurers is 27, a new insurer, that entered the market recently and has no 2017 data to compare, is Agros Hayot .

Access http://xprimm.com/ and download Uzbek market figures.





Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

UZBEKISTAN: Premium of GROSS INSURANCE went up by 144.3% y-o-y

Premiums of GROSS INSURANCE for the first half of 2018 exceeded UZS 78.5 billion*, which is 144.3% more than a year ago. Among 27 local insurers, GROSS INSURANCE ranks 3rd in terms of generated premiums, as data of the Ministry of Finance of Uzbekistan show.

2018-09-05

ON THE MOVE

Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.

11.10.2018

TOP EVENT

HOEPKE, Munich Re: I expect at least a stable renewal round in 2019

After severe storm damage in Japan and the United States, Munich Re is looking with a little more optimism to the next renewal season. "I expect at least a stable renewal round in 2019," Board member Doris HOEPKE said in Baden-Baden. Until recently the reinsurer's expectations were leaning towards a stagnant season.

22.10.2018

photodune-3834701-laughing-girl-xs

Five new XPRIMM insurance reports on the Baden Baden stands

Five new titles are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

21.10.2018

See all