STATISTICS: UZBEKISTAN: Market growth by 29.23% due to positive results on mandatory insurance

In the first nine months of 2014, the volume of gross written premiums collected by the Uzbek insurance companies totaled UZS 317 billion or EUR 103.10 million, up by 29.23% in national currency compared with 3Q2013, according to market data provided by the Ministry of Finance of the Republic of Uzbekistan.

During the reporting period, an important growth in premiums was reported for mandatory insurance types, from UZS 71 billion in the 3Q2013 to UZS 98 billion in the 3Q2014, up by 38.24%. In the first nine months of 2014, the structure of the insurance companies operating on the mandatory motor vehicle insurance (MTPL) market has not changed. At the moment, nine insurance companies - UZBEKINVEST, UZAGROSUGURTA, KAFOLAT, ALSKOM, ALFA Invest, ASIA Insurance, ISHONCH, KAPITAL Sugurta and UNIVERSAL Sugurta - are operating in the MTPL field. The volume of gross written premiums collected by companies operating in the MTPL field totaled UZS 42.7 billion.

At the end of September 2014, the share of voluntary insurance in the total amount of insurance premiums decreased from 71.13% in the 3Q2013 to 69.12% and totaled UZS 219 billion or EUR 71 million.

In 3Q2014 claims paid for all types of insurance amounted to UZS 53 billion (EUR 17.22 million), up by 2.59% than in January-September of 2013.

Access www.xprimm.com and download the 3Q2014 Uzbek insurance market statistics.

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

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