ASIA Insurance, one of the leaders in the Uzbek insurance market, posted a 120.5% increase in premiums in the first 9 months of this year, in comparison to the same period from 2017, according to a recent press release from the insurer.
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.
Uzbek insurance companies increase value of collected insurance premiums
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.
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.
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.
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.
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).
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.
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 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.
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.
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).
KAFOLAT insurance company won the annual competition "The best on the Uzbek capital market" based on its FY2017 result.
As reported by the Ministry of Finance of the Republic of Uzbekistan in 2017 Uzbek insurers paid UZS 270 billion (EUR 28.05 million) which is 2.1 times more than in 2016.
In the first nine months of 2017, the domestic insurance market has shown a significant evolution, up by 24% to UZS 622 billion, according to data published by the Ministry of Finance of Uzbekistan.
In the first half of 2017, the local insurance market has shown a significant evolution, up by 25.39% to UZS 435,970 million, according to the preliminary data published by the Information-Rating Agency SAIPRO.
Rustam Azimov, who previously served as deputy prime minister of Uzbekistan, has been appointed as the new director general of the Uzbekinvest National Export-Import Insurance Company, a representative of the insurance company told Trend.