UZBEKISTAN: a new insurer enters the market - Omad sug'urta

7 January 2020 —
In December 2019, the Ministry of Finance issued a license for a new insurance company - Omad sug'urta, as UzReport news agency informed.

The shareholder of the new insurer is ASAKA Bank. The new company's license gives it the right to conduct voluntary and compulsory insurance in 17 insurance classes, with the exception of compulsory liability insurance of vehicle owners, compulsory civil employers' liability insurance and compulsory civil liability insurance of carriers.

At the end of 3Q2019, the Uzbek insurance market was represented by 27 insurance companies. The aggregated volume of gross premiums written by all insurers at market level expanded by 51.2% in local currency (+38.3% in EUR*) to UZS 1,792,562 million (~EUR 173 million*).

* EUR 1 = UZS 10,383.02 (September 30th, 2019)