In the first half of 2020, UZBEKINVEST insurance company
increased its presence in the international reinsurance market by 8 times, as Trend
reports citing the company.
During the first half of 2020, the insurance company KAFOLAT concluded over 320 thousand insurance contracts for a total insurance amount of UZS 80.3 billion (~EUR 7.86 million*), according to the company's preliminary data
In 1Q2020, the market of Uzbekistan reduced volumes by 3.77% in local currency, to UZS 503.12 billion (EUR 47.3 million*). The down trend was recorded in life insurance and voluntary types, while non-life and mandatory insurance increased, according to the data, published by the Ministry of finance of the Republic.
Fitch Ratings international credit rating agency has published a report evaluating the insurance segment of Uzbekistan. The agency "believes that regulatory oversight in Uzbekistan is developing and has limited transparency and effectiveness of enforcement", the report said.
In the first quarter of 2020, the claims paid by O`zbekinvest Hayot insurance company, the leader of the insurance market in Uzbekistan, exceeded UZS 27.4 billion (~EUR 2.7 million), according to UzReport.
The state share (25%) of KAFOLAT insurance company, which is one of the TOP-5 insurers of Uzbekistan, will be sold at an online auction. The price of the share package is USD 2.2 million, as Trend informed with a reference to the State Asset Management Agency.
O`zbekinvest Hayot, the leader of the Uzbek insurance sector, announced the results of its paid claims for 1Q2020. January-March 2020 paid claims amount exceeded UZS 27.4 billion (~EUR 2.7 million), UzReport informed.
The rating agency of Uzbekistan, Ahbor-Reyting, based on the results of monitoring the company's activities in 2019, assigned Asia Insurance a solvency national rating of uzA++ with a stable outlook, the insurer reports.
Development and strengthening of the insurance market's position in Uzbekistan is supported by factors such as adoption of the state program for the insurance market development for the next 5 years, entering of new market participants as well as creation of the Agency on the insurance development. Besides, high market potential benefits from the fact that Uzbekistan has the fastest growing economy in Central Asia.
In 2019, the Uzbek insurance market grew by more than 41% in local currency, to UZS 2,313.09 billion (EUR 217.79 million). However, growth of paid claims at the same time reached 76.54%, according to the data, published by the Ministry of Finance of the Republic.
Insurance company O`zbekinvest Hayot summed up its 2019 results, according to which the company's paid claims increased by 62.1% at the end of the year, exceeding UZS 110.4 billion (~EUR 10.4 million), as UZREPORT agency informed.
In 2019, ALSKOM insurance company concluded around 285 thousand of insurance contracts while generating GWP worth of over UZS 50 billion (~EUR 4.7 million), company's preliminary results show, published on its website.
In December 2019, the Ministry of Finance issued a license for a new insurance company - Omad sug'urta, as UzReport news agency informed.
From 2021, Uzbekistan will switch to International Financial Reporting Standards (IFRS) - as follows from the draft resolution of the President of Uzbekistan "On additional measures for the transition to international financial reporting standards"
, published on the Uzbekistan's state portal (in Uzbek language).
The leader of the Uzbek insurance market, O'zbekinvest Hayot, was awarded as the best travel insurance company, as UZREPORT news agency writes.
From January to September 2019, GWP of the Uzbek insurance sector increased by 51.23% in local currency, to UZS 1 792.56 billion (EUR 172.64 million). Market growth in euro looks less impressive due to depreciation of SOM compared to 3Q2018 currency quote.
From January to September 2019, the paid claims of O`zbekinvest Hayot exceeded UZS 84.4 billion (~EUR 8.13 million), which is 70.8% more than a year ago, according to UzReport.news.
Kamoliddin TALIPOV, who previously served as Chairman of the Supervisory Board of SILK CAPITAL, an investment banking and securities transaction company, was appointed Head of the Insurance Market Development Agency under the Ministry of Finance, according to UzReport.news.
Uzbekistan has developed a roadmap for compulsory health insurance introduction. In 2020, it is planned to establish a compulsory health insurance Fund from the state budget, according to the Minister of Health of Uzbekistan, Alisher SHADMANOV.
From January to June this year, the market showed impressive growth of 53.29% y-o-y. GWP amounted to UZS 1,253.304 billion (EUR 128.78 million), according to data published by the Ministry of Finance of the Republic.