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