STATISTICS: UZBEKISTAN, FY2017: insurance claims growth rate broke the record over the last 10 years

As reported by the Ministry of Finance of the Republic of Uzbekistan in 2017 Uzbek insurers paid UZS 270 billion (EUR 28.05 million) which is 2.1 times more than in 2016.

According to the Uzbek rating agency SAIPRO such a dramatic claims' growth was caused by 2 factors: growth of agro insurance claims and increase of universal life insurance. As a result, in 2017 UZAGROSUGURTA's share in total paid claims amounted to 34.5%, share of other 4 big insurers - 29% share of the rest - 36.5%. In 2017 Uzbek insurers claims under voluntary insurance amounted to UZS 202.4 billion (EUR 21 million), which is 2.4 times more than in 2016. Claims paid under compulsory insurance increased by 48% and amounted to UZS 67.6 billion (EUR 7 million). Such a trend led to the change of voluntary-compulsory ratio. Share of voluntary classes in total claims increased by 10% and reached 75%, in 2016 this share was 64.9%. Accordingly the share of compulsory classes reduced down to 25%.

In general Uzbek insurance market, represented by 27 insurance companies, in 2017 produced UZS 927.5 billion (EUR 96.36 million), according to the report of the Ministry of Finance of the Republic of Uzbekistan. The biggest insurers in 2017 were UZAGROSUGURTA (about 15% market share), UZBEKINVEST (about 14%), GROSS INSURANCE (8.76%) and KAFOLAT Insurance (8.66%). However, 2 biggest insurers' shares decreased as compared to 2016.  

It is worth noting that insurance market's total result was affected by the currency reform and significant change in the exchange rate. In the local currency GWP of 23 companies out of 27 increased as compared to 2016, and 4 of them had even more than 100% increase, but in EUR based on the rate of 31.12.2017 all Uzbek insurers had declining GWP rate in 2017. This is because in 2017 the local currency dropped 2.8 times against euro.  

Access www.xprimm.com and download the FY2017 Uzbek Republic insurance market figures

1 EUR = 9624.72 UZS (31.12.2017)

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

Share |

Related articles

ON THE MOVE

Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.

12.02.2019

ERGO Group appoints a Polish manager

Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.

07.02.2019

TOP EVENT

Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

14.02.2019

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

14.02.2019

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

10.01.2019

See all