STATISTICS:

UZBEKISTAN: Charter capital of O'zbekinvest Hayot increased to UZS 16.52 billion to comply with new market rules

Due to insurance reforms in the country as per July 1, 2018 charter capital of all acting life insurance companies should amount to UZS 15 billion (~EUR 1.5 million).

The government pays key attention to improvement of the insurance industry. In particular, it is of prime importance to improve solvency of insurance companies to guarantee timely and full performance of liabilities to clients. Thus from July 1, 2018 charter capital of all acting life insurers, including those providing compulsory insurance, should amount to UZS 15 billion. For satisfying new requirements O`zbekinvest Hayot at the shareholders' meeting on April 28, 2018 decided to direct a part of 2017 profit for increase of its charter capital. As of 30 April 2018 the generated volume of O`zbekinvest Hayot charter capital amounted to UZS 16.5 billion (~EUR 1.7 million).

O`zbekinvest Hayot has been working on the insurance market since 2013 and offers 15 various insurance products of life and health insurance. Based on FY2017 result the company took 5th place in the market ranking by GWP out of 27 active insurers, with its market share of 6.85%. As of May 1, 2018 total paid claims of O`zbekinvest Hayot for the first four months exceeded UZS 20.09 billion (EUR 2.05 million), which, compared to the same period of 2017, means 223.7% growth. More than 95% of the claims were paid by voluntary classes, 4.9% - under compulsory employer's liability. Claims' share in GWP total volume for 4 months amounted to 70% that speaks for increase of the interest in universal life insurance. At the same time the company is developing risk life products and till the end of the year it is planned to introduce at least 2 of them.

1 EUR = 9785.11 Som - UZS (May 1, 2018 according to the Central Bank of the Republic of Uzbekistan)





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

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all