Uzbekistan
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Uzbekistan 1H2023 Market Portfolio
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UZBEKISTAN: Fitch affirms Uzagrosugurta at BB-
Fitch Ratings affirmed the financial strength of Uzagrosugurta and its life insurance subsidiary Agros Hayot at BB- with a Stable outlook, the agency said.
23 August 2023UZBEKISTAN: Fitch affirms Uzagrosugurta at BB-
Fitch Ratings affirmed the financial strength of Uzagrosugurta and its life insurance subsidiary Agros Hayot at BB- with a Stable outlook, the agency said.
22 August 2023STATISTICS: UZBEKISTAN, 1Q2023: voluntary non-life insurance generates over 80% of the market GWP
According to the 1Q2023 results, the insurance sector of Uzbekistan grew by about 29% y-o-y, reaching UZS 1,669.17 billion (EUR 134.42 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
10 August 2023UZBEKISTAN: O'ZBEKINVEST is leading in the market of electronic policies
In the first quarter of 2023, the market leader, O'ZBEKINVEST, retained its leadership in the market for compulsory insurance of civil liability of vehicle owners. At the same time, the client base increased by 26% y-o-y, and GWP amounted to UZS 10 billion (+40%), according to the insurer.
7 June 2023UZBEKISTAN: Semurg Insurance: Uzbek farmers' interest in insurance is growing
On March 25, the second International Conference AgroInsurance 2023 was held in Tashkent, where important issues were raised to ensure stable development of the agro-industrial sector of Uzbekistan, according to a press release on the website of the Ministry of Agriculture of Uzbekistan.
29 March 2023STATISTICS: UZBEKISTAN, FY2022: the largest part of paid claims falls on voluntary life insurance
The insurance sector of Uzbekistan ended 2022 with a y-o-y growth of almost 67%, total GWP rose to UZS 6,231.72 billion (EUR 520.97 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
2 March 2023UZBEKISTAN: introduction of the health insurance system begins on July 1, 2023
In Uzbekistan, from July 1, 2023, introduction of the health insurance system will begin in Tashkent, while TJS 30 billion (~EUR 2.69 billion) will be allocated for digitalization of medical institutions, Sputnik writes.
25 January 2023UZBEKISTAN: market leader's growth is driven by developing its international re/insurance operations
For 9M2022, the business of the Uzbek insurance market leader UZBEKINVEST increased by 186% compared to the period of 2021, exceeding UZS 447.6 billion (EUR 41.94 million). Over 320 thousand insurance policies for UZS 25.5 trillion were sold, gazeta.uz writes with reference to the company's data.
12 December 2022STATISTICS: UZBEKISTAN, 3Q2022: 63% of all paid claims made in life insurance
According to the 3Q results, the insurance market of Uzbekistan grew by 69.51% y-o-y (in local currency), to UZS 4,462.28 billion (EUR 418.02 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
1 December 2022UZBEKISTAN: in January-August 2022, the market growth rate reached 168.7%
In January-August 2022, the insurance market of Uzbekistan reached UZS 3,701.6 billion (~EUR 0.34 billion), the State Committee of the Republic of Uzbekistan on Statistics reported.
25 October 2022STATISTICS: UZBEKISTAN, 1H2022: paid claims accelerated their growth after the first quarter, having increased by 136%
According to 1H2022 results, the insurance market of Uzbekistan grew by 63% y-o-y in local currency, to UZS 2,771.06 billion (EUR 242.78 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
29 September 2022STATISTICS: UZBEKISTAN, 1Q2022: the market expanded by 93% y-o-y
According to the results of the first quarter of 2022, the insurance market of Uzbekistan grew by 93% y-o-y in local currency, to UZS 1,294.69 billion (EUR 101.88 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
22 September 2022UZBEKISTAN: UZBEKINVEST recorded an y-o-y growth of 168% in 1H
In the first half of 2022, UZBEKINVEST, the leader of the local insurance market, collected UZS 240 billion (~EUR 21.16 million), which means an annual increase of 168%, gazeta.uz wrote.
3 August 2022UZBEKISTAN: expanding the classifier of insurance activities to contribute to the creation of new insurance types and improve the living standards of the population
On June 9, 2022, a Decree of the Cabinet of Ministers of the Republic of Uzbekistan "On amendments to some decrees of the Government of the Republic of Uzbekistan, as well as on recognizing some of them as invalid" was adopted, yuz.uz wrote.
4 July 2022UZBEKISTAN: S&P assigns ASIA Insurance a long-term financial strength rating of B- with positive outlook
On May 19, 2022, S&P Global Ratings assigned ASIA Insurance a long-term local currency financial strength rating of B-, with a positive outlook. The rating action was performed after ASIA Insurance's transformation into Joint Stock Company "ASIA INSURANCE SUG'URTA KOMPANIYASI", on February 24, 2022.
22 June 2022UZBEKISTAN: UZBEKINVEST recognized as the leader of the insurance market in 2021
UZBEKINVEST (leader of the local insurance market) became the winner of the Brand of the Year 2021 award in the nomination "Leader of the insurance market of Uzbekistan".
15 June 2022UZBEKISTAN: licenses of Agros Hayot and Farovon Sug'urta temporarily suspended
The Insurance Market Development Agency under the Ministry of Finance of the Republic of Uzbekistan has suspended the licenses of insurance companies Agros Hayot and Farovon Sug'urta for a period of 10 days starting May 23, UzReport informed.
26 May 2022UZBEKISTAN: Shukhrat RASULOV appointed Acting Chairman of the Board of Uzagrosugurta
By decision of the Supervisory Board of the insurance company Uzagrosugurta, one of the leaders in the non-life insurance market of Uzbekistan, Shukhrat RASULOV was appointed acting chairman of the board,
10 May 2022UZBEKISTAN: for the period from 2016 to 2021, GWP of UZBEKINVEST increased five times
According to preliminary data, at the end of 2021, UZBEKINVEST remained the market leader in terms of GWP, having collected UZS 385 billion (EUR 31.49 million*), gazeta.uz informed.
4 April 2022UZBEKISTAN: in 2021, the insurance sector's share in GDP was about 0.5%
According to preliminary data, the insurance sector of Uzbekistan in 2021 grew by 68.6% y-o-y, exceeding UZS 3.7 trillion (~EUR 0.3 billion*), review.uz reports with reference to the agency for the development of the insurance market of Uzbekistan.
28 March 2022
