STATISTICS: UZBEKISTAN, 1H2015: Claims paid by the insurers up by 69.6%

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 reporting period, the composition of insurance companies operating on the market of compulsory insurance of civil liability of vehicle owners remained unchanged. 9 insurance companies were involved in this segment, including UZBEKINVEST, UZAGROSUGURTA, KAFOLAT, ALSKOM, ALFA Invest, ASIA Insurance, ISHONCH, KAPITAL Sugurta and UNIVERSAL Sugurta. And, only 7 insurers are members of Fund of Guaranteeing Payments on Compulsory Insurance of Civil Liability of Vehicle Owners in Uzbekistan.

According to the official data of Fund for of Guaranteeing Payments on Compulsory Insurance of Civil Liability of Vehicle Owners as of July 1, insurance companies - members of the Fund have issued 1,056,625 policies (105.3% against the same period of 2014). At the same time, 121,974 policies were issued for legal entities and 934,651 policies for individuals.

In January-June 2015, the volume of gross written premiums received by the insurers on this segment totaled UZS 38.5 billion, of which UZS 9.1 billion were received from legal entities and UZS 29.4 billion from individuals.

In the reporting period, the insurance companies - members of the Fund have regularized 2,889 cases of damages which totally is UZS 5.4 billion.

The second important type of insurance on the local market is mandatory insurance of civil liability of employers which has entered into force in 2009. Within first six months of 2015, gross written premiums collected by the insurance companies have reached to UZS 22.1 billion, up by 50.4% year-on-year, according to preliminary data of the Ministry of Finance of Uzbekistan. Subscription of the main part of business on this line was done by the insurance companies with the state share, of which UZS 18.7 billion were collected by the insurers with state participation and UZS 3.4 billion by others companies.

Access www.xprimm.com and download the 1H2015 Uzbek insurance market statistics.

More about the Uzbek insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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