The Uzbek insurance market ended 1H2013 with a total GWP volume of UZS 191.189 billion (EUR 69.73 million), 43,8% up y-o-y in national currency, according to the market data provided by Information-Rating Agency SAIPRO. Claims paid for all types of insurance amounted to UZS 40.8 billion (EUR 14.87 million), 72.9% more than in the same period of 2012.

In 1H2013 the loss ratio (the ratio of claims paid to premiums) on the market was 21.3%. For the same period in 2012 this figure was of 17.7%. The growth rate of insurance premiums and payments in the first six months of 2013 are the highest in the last 3 years.

According to the Information-Rating Agency SAIPRO, in January-June 2013 in Uzbekistan were active 34 insurance companies, including 31 non-life insurers and two life insurers. The license for one of the companies was canceled during the reporting period.

Development of insurance in the regions continued

As noted in the report of the Ministry of Finance on regulation and supervision of the insurance business in the Republic of Uzbekistan in January 1, 2013, continued the quantitative and qualitative development of insurance in the regions. As a result, was achieved a significant expansion of the geographical diversification of the domestic insurance market.

In Republic of Uzbekistan continued expansion of the territorial subdivisions of insurers, number of which to January 1, 2013 reached 1006 units (up to a record 105% in 2011).

As of January 1, 2013 total number of insurance agents composed more than 6.9 million units, from which more than 3 thousand operate in rural areas. Thus the largest number of insurance agents both legal and an individual is in Tashkent.

Increased control over the implementation of compulsory insurance

Legislative Chamber of the Oliy MAJLIS of the Republic of Uzbekistan approved the main changes and amendments of the draft law "On insurance activity". On considering this draft law it was noted that it provides a more effective control of the government authorities of the state department over the implementation of the statutory duties set by the legislation of the insured on compulsory insurance.

According to deputies of the Legislative Chamber of the Oliy MAJLIS, all amendments provide state control bodies with the possibility of receiving relevant information from the insurers. This will allow insurers to pass on to authorities of the state department the relevant information on insured, the insured persons and beneficiaries, as well as the insured property and insured sum that are the information necessary to establish the fact of the insurance implementation by insurers.

Access www.xprimm.com and download the 1H2013 Uzbek insurance market statistics.

Market indicators (in EUR and UZS):

• GWP portfolio
• Claims portfolio
• Growth rates
• All insurance market ranking
• Market shares