UZBEKISTAN: Universal Sug‘urta ceased insurance activities

17 April 2024 — Marina MAGNAVAL
The license of Universal Sug‘urta for voluntary non-life insurance was canceled on April 2, the press service of the Uzbekistan's National Agency of Perspective Projects (NAPP) reported, writes.

As reported by NAPP, the initiative to terminate the license issued on July 7, 2022 came from the insurer.

NAPP emphasized that Universal Sug‘urta must fulfill obligations under previously issued insurance and reinsurance contracts in accordance with the established procedure.

According to the 1H2023 results, out of 33 companies operating in the insurance market of Uzbekistan, Universal Sug‘urta ranked last in terms of GWP.

In November 2023, NAPP canceled the licenses of four insurance companies at once - Unipolis, Farovon Sug'urta, Sharq-Sug'urta and Asko-Vostok, and previously fined eight insurance organizations for violating prudential standards in the amount of UZS 254.5 million, the source added.

Meanwhile, the total charter capital of insurance organizations in Uzbekistan exceeded UZS 2.3 trillion (USD 186.4 million) in 2023, which is 22.6% more y-o-y.

According to NAPP, the volume of insurance companies' investments in the country's economy exceeded UZS 6.2 trillion (UZS 502.5 million), which is 29.4% more y-o-y.