UZBEKISTAN: NAPP is working to revise the MTPL tariffs

4 June 2024 — Marina MAGNAVAL
The National Agency for Prospective Projects (NAPP) of the Republic of Uzbekistan reported that work is underway to revise the MTPL tariffs established back in 2019, the agency said on its website.

Several factors contributed to this revision. Firstly, the number of complaints from vehicle owners regarding non-payment of insurance compensation by insurance companies in time and insufficiency of the maximum amount to cover damages has increased. In 2019, the insurance premium was established in the amount of UZS 56,000 (~EUR 4), which is no longer sufficient to cover losses of insurance companies.

In addition, in 2019, an insured amount of UZS 40 million (~EUR 2921) was established; this does not allow sufficient compensation for victims of road accidents.

Also, over the past 5 years, the consumer price index in Uzbekistan has increased by 160%, the minimum wage has increased by 265%, and the base rate has increased by 168%.

The agency notes that the insured amount and insurance premium established in Uzbekistan are currently the lowest compared to both neighboring and foreign countries.