Uzbekistan

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Location map
author: OCHA/ ReliefWeb


Location:
- Central Asia.
- Neighbours: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Afghanistan.

Climate:
- mostly midlatitude desert, long, hot summers, mild winters;
- semiarid grassland in east.

Macro indicators
* 2018 estimates
Surface:448,978km2
Population*:32.7million
Pop. density*:72.7people/km2
GDP*:35.1EUR billion
GDP/capita*:1,075.4EUR

Currency: So'm
Code: UZS
Since: 1994


Insurance market portfolio
* 2018 estimates
Mandatory ins.*:16%
Voluntary ins.*:84%

Sources:



 


Statistics

Uzbekistan FY2019 Market Portfolio

Uzbekistan FY2019 Insurance Companies Ranking


See all statistics

Latest news

22% increase for the UZBEK insurers' business in the first quarter

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.

In Uzbekistan was held the 7th Tashkent International Conference on Insurance and Reinsurance

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.

UZBEK Insurers Association and Arab GAIF sign cooperation agreement

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 Tashkent, Uzbekistan.

UZBEKISTAN FY 2013: Insurance up by 18.40% in national currency in 2013

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.

Petrol prices increase 20% in 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.

Uzbekistan: In 2016, the share of services in GDP will reach 55%

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%.


UZBEKISTAN: The highest growth in the last three years

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.


UZBEK insurers to be fined for refusal to pay insurance claims

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.

UZBEKISTAN: Uzagrosugurta increases net profit by 1.7 times in 2012

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.

UZBEKISTAN: INGO has increased share capital

On June 25, 2013 has been held the annual general meeting of shareholders of the insurance company "INGO-Uzbekistan" where were discussed results of the company activities for 2012.





UZBEKISTAN: The evolution of the insurance market continues

Following specific measures taken by officials in the country to diversify and make structural changes to the economy, the share of banking, financial, insurance and leasing, communications/IT and others in the country's GDP increased from 38.7% in 2005 to 50.5% in 2011 and to 52.2% by the first half of 2012, according to the program for developing services in the Republic of Uzbekistan for 2012-2016.

UZBEKISTAN, 1H2012: Stability above all

In 1H2012, insurance companies of Uzbekistan increased premiums by 13.4% compared to the total in June 2011, up to UZS 137.8 billion (EUR 57.8 million), according to the market data provided by Information-Rating Agency SAIPRO. Voluntary insurance accounted for 68% of total underwritings, while almost 60% of GWP was reported in Tashkent, the capital of Uzbekistan. The total amount of insurance payments rose by 75% to UZS 24.5 billion (EUR 10.3 million).

UZBEKISTAN, FY2011: The uptrend in the "business cycle" continues

Uzbekistan recorded in 2011 the second best economic growth rate in the Commonwealth of Independent States according to the UN report World Economic Situation and Prospects 2011 (WESP). In line with the forecast of the UN experts, the real gross domestic product (GDP) increased by 7.3% in 2011 (partially estimated), while, in 2012 Uzbekistan's economy is expected to rise by 7%.

TIIFF 2012: Tashkent Insurance Forum transformed into a major event in an expanded framework

Chief of the State Insurance Supervision of the Ministry of Finance of the Republic of Uzbekistan, Olimjon IKROMOV has shared with participants of the 5th International Investment Finance Forum (TIIFF) the outcomes of Uzbekistan insurance market reforms and its development prospects. The event was organized by SAIPRO Information-rating agency and supported by PRIMM Insurance & Pensions Magazine as Media Partner.


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