The 2020 crisis affected all spheres of the economy in one way or another. Some types of business fail completely, some, on the contrary, receive an additional incentive for development.
At the end of 2020, UZBEKINVEST retained its leading position in the insurance market of Uzbekistan. According to the Ministry of Finance, the insurer's GWP for 2020 amounted to UZS 262 billion (~EUR 20.49 million*), the client base grew by 38%, Gazeta.uz writes.
In 2020, Alfa Invest insurance company recorded growth of the key financial indicators - significantly increased reserves and assets, maintained a high level of solvency, increased its charter capital to UZS 50 billion (~EUR 3.91 million*), according to Inessa AKHMETOVA, General Director of Alfa Invest,
The insurance sector of Uzbekistan ended 2020 with a 4.50% GWP drop y-o-y (in local currency). Total amount decreased to UZS 2,209.67 billion (EUR 172.82 million*), according to data published by the Ministry of Finance of the Republic.
ASIA Insurance did not stop providing services during the quarantine period with insurance policies being sold and delivered, insured events being considered, obligations being fulfilled.
KAFIL SUG'URTA has been assigned a new solvency rating on the national scale at "uzA+", which means an extremely high level of solvency for an insurance company, the insurer said.
From March 1, 2021, the sale of electronic MTPL policies will begin in accordance with the adopted Government decree "On additional measures to improve the procedure for providing electronic insurance services," UzReport informed.
Total market GWP at the end of the third quarter of 2020 decreased by 11.43% y-o-y, to UZS 1,587.71 billion (~EUR 132.27 million*). It should be noted that the decline was only due to the fall in life insurance, according to the data published by the Ministry of Finance of the Republic.
S&P Global Ratings assesses the industry and country risks of the non-life sector in Uzbekistan as high - as in Russia, Azerbaijan, India, Kenya and Turkey, according to the agency's report
In accordance with the presidential decree, the State Health Insurance Fund will be established in Uzbekistan from December 1, UzReport news agency reports.
The insurance market of Uzbekistan got a new insurer - ARIA SUG'URTA TASHKILOTI has received a license to carry out voluntary insurance in 17 classes of general insurance, UzReport wrote.
In the first half of 2020, the market dropped by almost 19% in local currency (almost 31% in euro), according to the data, published by the Ministry of finance of the Republic.
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.