From January to September 2019, GWP of the Uzbek insurance sector increased by 51.23% in local currency, to UZS 1 792.56 billion (EUR 172.64 million). Market growth in euro looks less impressive due to depreciation of SOM compared to 3Q2018 currency quote.
From January to September 2019, the paid claims of O`zbekinvest Hayot exceeded UZS 84.4 billion (~EUR 8.13 million), which is 70.8% more than a year ago, according to UzReport.news.
Kamoliddin TALIPOV, who previously served as Chairman of the Supervisory Board of SILK CAPITAL, an investment banking and securities transaction company, was appointed Head of the Insurance Market Development Agency under the Ministry of Finance, according to UzReport.news.
Uzbekistan has developed a roadmap for compulsory health insurance introduction. In 2020, it is planned to establish a compulsory health insurance Fund from the state budget, according to the Minister of Health of Uzbekistan, Alisher SHADMANOV.
From January to June this year, the market showed impressive growth of 53.29% y-o-y. GWP amounted to UZS 1,253.304 billion (EUR 128.78 million), according to data published by the Ministry of Finance of the Republic.
In Uzbekistan, a new Presidential Decree "On measures to reform and ensure accelerated development of the insurance market of the Republic of Uzbekistan" was adopted on August 2. It involves several changes on the local market, UzReport news reported.
The Uzbek Ministry of Finance has issued a license to a new insurance company, Perfect Insurance, UzReport news reported on August 12, with reference to the Ministry.
At a meeting held July 10 by President Shavkat MIRZIYOYEV, it was decided to reform the State Inspectorate for insurance supervision at the Ministry of Finance by liquidating it and establishing an Insurance Market Development Agency, reports UzReport.
ALSKOM has registered a new life insurer: ALSKOM-VITA. The license, based on the order of the Ministry of Finance, was issued May 29, 2019, as reported by UzReport news agency.
From January to March 2019, Uzbek insurers collected GWP in the amount of UZS 522.8 billion (EUR 55 million), 37.22% more y-o-y in local currency. Paid claims saw a rapid increase of 117.83%, to UZS 180.16 billion (EUR 18.98 million), as data published by the Ministry of Finance of the Republic show.
ASIA INSURANCE began concluding insurance contracts against crop failure in the cotton-textile clusters of UZTEX group, the insurer announced.
On March 29, 2019, at the XI Tashkent International Conference on Insurance and Reinsurance a national insurance award ceremony (Golden Umbrella award) was held, as UzReport informed.
Within the framework of the International Financial and Banking Forum of CIS member states, held in Tashkent March 27-31, INGOSSTRAKH and INGO Uzbekistan (part of the INGO Group) held a press-briefing on the development of Russian-Uzbek insurance relations, the news agency UzReport wrote.
Based on the market results for 2018 life GWP were 3 times higher y-o-y and increased to UZS 417.2 billion. At that life paid claims demonstrated an extremely rapid growth (+337.1%) to UZS 264 billion, as UzReport wrote.
In 2018, the Uzbek insurance market went up by 76.31% y-o-y in local currency, and by 79.01% in euro, due to a more favorable exchange rate at the end of 2018, according to the market data, provided by the Ministry of Finance of the Republic.
According to the preliminary data, GWP growth rate of O'zbekinvest Hayot in 2018 amounted to 59% (UZS 101.2 billion), as the information agency UzReport wrote.