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.
In 2016, the domestic insurance market has shown a significant evolution, up by 25.58%, according to preliminary data published by the Information-Rating Agency SAIPRO.
The total volume of investments of Uzbek insurers amounted to 867.547
billion soums (1 USD =3294.74 soums on Feb. 8) in 2016, that is, by 19.3
percent more compared to 2015, the country's Finance Ministry told
Trend Feb. 8.
In 3Q2016 the GWP increased by 34.75%, up to a total of UZS 500.12 billion (EUR 148 million), while total claims paid amounted to UZS 94.4 billion (EUR 28 million), 30.55% more than in January-September 2015.
Life and health, the core of Uzbekinvest Hayot's insurance activities,
require an individual approach in working with clients. This is even
more so when examining claims over events which might entail insurance
In the first half of 2016 the Uzbek insurance market reached a total GWP volume of UZS 347,700 million, up by 36.94% in local currency and by 18.02% in European currency. Total claims paid were amounted to UZS 68,700 million, 21.16% more than in January-June 2015.
In 2015, the aggregate volume of GWP reported by the Uzbek insurers was of UZS 551 billion (or EUR 181 million), up by almost 25.59% y-o-y, according to the market data provided by the Ministry of Finance of the Republic of Uzbekistan. At the same time, claims paid for all types of insurance amounted to UZS 111 billion (EUR 36.6 million), up by 48.73% y-o-y.
State's participation in the second ranked insurer KAFOLAT are for sale, according to the Resolution of the Government, as of 28th April, 2015, the company being listed in the group of the state owned joint-stock companies for which the participation of a strategic foreign investors, up to a value of 15.5%, is desired.
Ministry of Finance of Uzbekistan issued licenses for conducting insurance activity on separate classes of general insurance to five insurance companies.
In the first nine months of 2015, the volume of GWP collected by the Uzbek insurance companies totaled UZS 398 billion or EUR 135 million, up by 27% in national currency compared with 3Q2014, according to market data provided by the Ministry of Finance of the Republic of Uzbekistan.
The State Committee for Privatization, Demonopolization and Development
of Competition of Uzbekistan has put up the packages of state-owned
shares of the two largest insurance companies of the country -
Uzagrosugurta JSC and Kafolat Insurance Company JSC with total starting
price of USD 10.67 million for sale to foreign investors.
Ministry of Finance of Uzbekistan abolished a license of joint stock insurance company Silk Road Insurance. The
press service of the Ministry of Finance said that the license for
insurance activities SF No. 00195 from 25 July 2014, issued to Silk Road
Insurance, was abolished from 3 November 2015. Silk Road Insurance
requested the Ministry to abolish the license.