Moody's Investors Service has today upgraded the insurance financial
strength rating (IFSR) of Uzbekinvest a.s. by one notch to Ba3 from B1.
The rating outlook is stable.
In the first half of 2015 the Uzbek insurance market reached a total GWP volume of UZS 270.9 billion, up by 21.8% in local currency. Total claims paid were amounted to UZS 56.7 billion, 69.6% more than in January-June 2014.
In the first three months of 2015, the aggregate volume of GWP reported by the Uzbek insurers was of UZS 135 billion (or EUR 50 million), up by almost 22% 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 more than doubled and amounted to UZS 31.2 billion (EUR 11.5 million), up by 114.8% y-o-y.
The Uzbek insurance market ended 2014 with a total gross written premiums volume of UZS 439 billion, equivalent to EUR 146.98 million, up by 29.74% in national currency as compared with 2013, according to the market data provided by the Ministry of Finance of the Republic of Uzbekistan.
The VIII Tashkent International Insurance and Reinsurance Forum, organized by SAIPRO Information Rating Agency, will take place between the 4th and the 7th of June, 2015, in Tashkent (Uzbekistan).
In the first nine months of 2014, the volume of gross written premiums collected by the Uzbek insurance companies totaled UZS 317 billion or EUR 103.10 million, up by 29.23% in national currency compared with 3Q2013, according to market data provided by the Ministry of Finance of the Republic of Uzbekistan.
Kafolat, an insurance company based in Uzbekistan, and MOI (MY)
insurance broker (Kazakhstan) signed a general agreement on cooperation
on handing over risks to reinsurance with use of brokerage services.
In the first half of 2014, the volume of gross written premiums collected by Uzbek insurance companies totaled UZS 220 milliard or EUR 70 million, up by 23% in national currency, as compared with 1H2013, according to the market data provided by the Ministry of Finance of the Republic of Uzbekistan.
Starting July 1st, new minimum capital requirements were enforced in Uzbekistan, informs the UZREPORT Information agency. The change was due to a Presidential Resolution on "Additional measures to further improve the financial stability of insurers" which was dated May 31, 2011.
Uzbek insurers reported an increase of 21.8% in GWP for the first quarter of this year, as compared with the same period in 2013. Thus gross written premiums amounted to UZS 109 billion (or ~EUR 35 million) according to the quarterly market report, recently released by Ministry of Finance of the Republic of Uzbekistan. The value of paid claims totaled UZS 12.7 billion (~EUR 4 million), or 6.1% less y-o-y.
On May 20th -21st this year at the International Hotel Tashkent was held the one of the most important events of its kind in Central Asia - the 7th Tashkent International Investment Financial Forum. The event organizer is SAIPRO Information and Rating Agency, with the official support of the Central Bank of Uzbekistan in cooperation with the General Arab Insurance Federation. PRIMM Insurance & Pensions Magazine is the traditional Media Partner of the event.
The Association of Professional Participants of Uzbekistan Insurance
Market and the General Arab Insurance Federation (GAIF) signed a
cooperation agreement on May 20. The document was signed during the
seventh International Investment Financial Forum that has opened in
The Uzbek insurance market ended 2013 with a total gross written premiums volume of UZS 338,483.34 million (EUR 111.64 million), up by 18.40% in national currency, as compared with 2012, according to the market data provided by Ministry of Finance of the Republic of Uzbekistan.
The retail petrol prices have increased by 20 percent in Uzbekistan
today. The selling price on a liter of Ai- 80 petrol increased by 20.05
percent - to 2,005 soums compared to 1,670 soums, Ai- 91 - by 20.43
percent from 1,835 soums to 2,210 soums, Ai- 95 - by 20.54 percent from
2,020 soums to 2,435 soums. The Ministry of Finance approved the new
prices upon the Cabinet of Ministers' decree.
Since Uzbekisan became an independent country it has focused on the creation of a favorable investment climate and the dynamic growth of foreign investments. Thus, the annual increase in the volume of foreign investment attracted is more than 20%.
Isurance penetration in Uzbekistan improved during the first nine months
of 2013, with regional markets' share of premiums increasing during the
period, Forinsurer reported.
The Uzbek insurance market ended 1H2013 with a total GWP volume of UZS 191.189 billion (EUR 69.73 million), 43,8% up y-o-y in national currency, according to the market data provided by Information-Rating Agency SAIPRO. Claims paid for all types of insurance amounted to UZS 40.8 billion (EUR 14.87 million), 72.9% more than in the same period of 2012.
Several government agencies have adopted a joint resolution to levy
penalties on insurers, amounting to 0.09% of the minimum share capital
for each unjustified refusal by an insurer to pay claims, reports the
The Finance Ministry, State Tax Committee and State Committee on
Privatization, De-monopolization and Competition of Uzbekistan have
adopted a joint resolution on the application of penalties for insurers
in the amount of 0.09 percent of the minimum share capital for each
unjustified refusal to pay the insurance indemnity.
The State Joint Stock Insurance Company Uzagrosugurta, one of the top
five largest insurers in Uzbekistan, increased its net profit by 72
percent to 605.5 million soums in 2012 compared to the same period of
2011, the company's annual report said today.