STATISTICS: UZBEKISTAN, 1H 2018: voluntary insurance in local currency jumped by more than 116%, while in euro this growth amounted to about 4%
In the first half year, Uzbek insurers generated UZS 817.6 billion (EUR 89.12 million) of GWP, which in local currency means a y-o-y growth of 87.53%, while in euro the market GWP dropped by 10.19% due to significant depreciation of UZS against EUR, according to the data of the Ministry of Finance of Uzbekistan.
UZBEKISTAN: life paid claims' share in the first half of the year exceeded the share of non-life paid claims for the first time in local market history, amounting to 55%
According to the Ministry of Finance of Uzbekistan total paid claims went up by 27% to UZS 177.1 billion* in the first half of the year. With that, total GWP amounted to UZS 817.6 billion, 88% more than a year ago.
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.
UZBEKISTAN: top insurer Oʻzbekinvest Hayot reported a GWP growth rate of 59% in 1H2018
Oʻzbekinvest Hayot, one of Uzbek top insurers, recorded a 59% y-o-y GWP growth rate in 1H 2018, to over UZS 47.6 billion (~EUR 5.2 million), while the total number of policies increased by 7% y-o-y, according to the information agency UzReport.
UZBEKISTAN: an Uzbek national import-export insurance company was assigned the highest national rating
Based on 2017 results, the Uzbek national rating agency SAIPRO assigned
the national import-export insurance company UZBEKINVEST a rating of
"uzA++" (Excellent financial reliability), as reported by the insurer.
UZBEKISTAN: O'zbekinvest Hayot year paid claims worth UZS 34.2 billion in 1H2018
Based on the first half year results paid claims of O'zbekinvest Hayot exceeded UZS 34.2 billion* (up by 96.3% compared to the same period last year).
UZBEKISTAN: over the next 5 years the share of life insurance may reach 50%
According to the data of the Ministry of Finance of the Republic, Uzbek insurance market demonstrated in the 1st quarter a very high growth rate compared to the previous quarters.
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.
UZBEKISTAN: 32.5 thousand units more MTPL contracts in Q1 2018 vs Q1 2017
During Q1 of 2018 in Uzbek MTPL segment total number of contracts amounted to 611.7 thousand units (32.5 thousand contracts more than a year before). Among 11 authorized segment insurers TOP-3 have 58.6% segment share: UZAGROSUG'URTA, KAFOLAT and GROSS INSURANCE.
UZBEKISTAN: the government considers reforms of the insurance market
The Ministry of Finance of Uzbekistan brought up for discussion the Resolution of the President "On measures for reformation and accelerated development of the insurance market of Uzbekistan", - as informed by UzReport agency.
ON THE MOVE
MILLI Re announced new Manager appointment
Turkish reinsurer MILLI Re stated that Gokhan AKTAS has been appointed to the position of Manager of Foreign Inward Business on 01 September 2018.
Martin BLACKWELL to Join JLT Re as Partner
JLT Re announced that Martin BLACKWELL will be joining JLT Re as a Partner, capital solutions, next month.
The challenges associated with digitization in the insurance sector discussed at the "Insurance in the Digital Future" Conference, in Ljubljana
On September 13, 2018, the Insurance Supervision Agency of Ljubljana organized its 4th conference on insurance. The subject of the event was Insurance in the Digital Future. Visit the event's web page to see the conference materials and photo gallery.
LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"
The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.
Munich Re: aggregation risk of cyber insurance is 'the elephant in the room'
Only 5% of cyber losses are insured, estimates Christian Fuhrmann, chief executive of global clients/North America, Munich Re. Very complex by nature and continuously changing, cyber insurance is one of the biggest challenges for insurers, he said.
AXA obtained approvals for XL acquisition. Last day of independence for XL Group
AXA announced today that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group previously announced on March 5, 2018. The acquisition is expected to close on September 12, 2018, pending the satisfaction of the remaining customary closing conditions.
FY2017 XPRIMM Property and Motor insurance reports to be launched in Monte Carlo
The latest editions of the XPRIMM Motor Insurance Report and Property Insurance Report will be launched in Monte Carlo, at the 62th edition of the "Rendez-Vous de Septembre," one of the most important international events dedicated to insurers, reinsurers, brokers, and reinsurance consultants.
Hannover Re: broadly diversified reinsurers with expertise and a very good rating will benefit from the current state of the market
Hannover Re expects to see stability in prices and conditions overall for the treaty renewals as at 1 January 2019 and promising opportunities for next year arising from digitalization, increased demand for coverage of cyber risks, as well as from various openings in the Asian growth markets.
Willis Re - Market still soft, but functional
Despite the high losses from 2017 the reinsurance market is still soft, James KENT, Global Chief Executive Officer (CEO) of Willis Re stated at a press briefing in Monte Carlo.
AIR launches severe thunderstorm model
Catastrophe risk modeling firm AIR Worldwide released a new severe thunderstorm model for Europe. Together with AIR's Extratropical Cyclone Model for Europe and European flood models, this new model now allows for a comprehensive assessment of atmospheric risk in this region.