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.
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.