According to the Uzbek rating agency SAIPRO such a dramatic claims' growth was caused by 2 factors: growth of agro insurance claims and increase of universal life insurance. As a result, in 2017 UZAGROSUGURTA's share in total paid claims amounted to 34.5%, share of other 4 big insurers - 29% share of the rest - 36.5%. In 2017 Uzbek insurers claims under voluntary insurance amounted to UZS 202.4 billion (EUR 21 million), which is 2.4 times more than in 2016. Claims paid under compulsory insurance increased by 48% and amounted to UZS 67.6 billion (EUR 7 million). Such a trend led to the change of voluntary-compulsory ratio. Share of voluntary classes in total claims increased by 10% and reached 75%, in 2016 this share was 64.9%. Accordingly the share of compulsory classes reduced down to 25%.
In general Uzbek insurance market, represented by 27 insurance companies, in 2017 produced UZS 927.5 billion (EUR 96.36 million), according to the report of the Ministry of Finance of the Republic of Uzbekistan. The biggest insurers in 2017 were UZAGROSUGURTA (about 15% market share), UZBEKINVEST (about 14%), GROSS INSURANCE (8.76%) and KAFOLAT Insurance (8.66%). However, 2 biggest insurers' shares decreased as compared to 2016.
It is worth noting that insurance market's total result was affected by the currency reform and significant change in the exchange rate. In the local currency GWP of 23 companies out of 27 increased as compared to 2016, and 4 of them had even more than 100% increase, but in EUR based on the rate of 31.12.2017 all Uzbek insurers had declining GWP rate in 2017. This is because in 2017 the local currency dropped 2.8 times against euro.
Access www.xprimm.com and download the FY2017 Uzbek Republic insurance market figures
1 EUR = 9624.72 UZS (31.12.2017)
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