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

UZBEKISTAN: Premium of GROSS INSURANCE went up by 144.3% y-o-y

Premiums of GROSS INSURANCE for the first half of 2018 exceeded UZS 78.5 billion*, which is 144.3% more than a year ago. Among 27 local insurers, GROSS INSURANCE ranks 3rd in terms of generated premiums, as data of the Ministry of Finance of Uzbekistan show.

2018-09-05

ON THE MOVE

AIG Life Limited (UK) announces the appointment of a new CEO

AIG Life Limited (UK) announced the appointment of Philip WILLCOCK - the former CEO of AVIVA's Indonesian and Italian ventures - as CEO, subject to regulatory approval, effective March 1, 2019. He will be based in London and will report to Adam WINSLOW, CEO, International, Life & Retirement.

13.12.2018

Sylva de FLUITER takes over as head of UNIQA Re AG

Sylva de FLUITER will take over as head of UNIQA Re AG in Zurich as of 1 January 2019, the Austrian group announced. Until year end she will work hand in hand with long-time Managing Director Hans Uwe MULLER, who will retire after 14 years at UNIQA Re.

12.12.2018

MERCER to name Bala VISWANATHAN Chief Operating Officer

MERCER, the consulting subsidiary of MMC - Marsh & McLennan Companies, announced that Bala VISWANATHAN, CEO of Jardine Lloyd Thompson Group plc (JLT) UK & Ireland Employee Benefits, will join MERCER as Chief Operating Officer.

12.12.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all