UZBEKISTAN: Charter capital of O'zbekinvest Hayot increased to UZS 16.52 billion to comply with new market rules

10 May 2018 — Marina MAGNAVAL
Due to insurance reforms in the country as per July 1, 2018 charter capital of all acting life insurance companies should amount to UZS 15 billion (~EUR 1.5 million).

The government pays key attention to improvement of the insurance industry. In particular, it is of prime importance to improve solvency of insurance companies to guarantee timely and full performance of liabilities to clients. Thus from July 1, 2018 charter capital of all acting life insurers, including those providing compulsory insurance, should amount to UZS 15 billion. For satisfying new requirements O`zbekinvest Hayot at the shareholders' meeting on April 28, 2018 decided to direct a part of 2017 profit for increase of its charter capital. As of 30 April 2018 the generated volume of O`zbekinvest Hayot charter capital amounted to UZS 16.5 billion (~EUR 1.7 million).

O`zbekinvest Hayot has been working on the insurance market since 2013 and offers 15 various insurance products of life and health insurance. Based on FY2017 result the company took 5th place in the market ranking by GWP out of 27 active insurers, with its market share of 6.85%. As of May 1, 2018 total paid claims of O`zbekinvest Hayot for the first four months exceeded UZS 20.09 billion (EUR 2.05 million), which, compared to the same period of 2017, means 223.7% growth. More than 95% of the claims were paid by voluntary classes, 4.9% - under compulsory employer's liability. Claims' share in GWP total volume for 4 months amounted to 70% that speaks for increase of the interest in universal life insurance. At the same time the company is developing risk life products and till the end of the year it is planned to introduce at least 2 of them.

1 EUR = 9785.11 Som - UZS (May 1, 2018 according to the Central Bank of the Republic of Uzbekistan)

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