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.
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.
The Uzbek insurance market ended 2012 with a total volume of gross written premiums of UZS 285.9 billion (EUR 109 million), up by 28.9% in national currency, as compared with the similar period of 2011, according to the market data provided by Information-Rating Agency SAIPRO.
Uzbekistani insurers' combined investments increased by 36% in 2012 to
reach 394.7 billion Uzbekistani soms (USD 189.6 million), reported
In March 2013, the authorities in Uzbekistan discussed the insurance draft law regarding the necessary amendments in order to allow the authorized State organizations to participate in the capital of insurance companies that are strategically important to the country.
Uzbekistan's insurance sector has recorded growth of 2.5 times in market
capitalization over the past five years to reach 240 billion Uzbekistan
Som (USD 120 million) in 2011.
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.
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 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%.
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.