Uzbekistan
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UZBEKISTAN: Asia Insurance: 2020 - a year of development for insurers
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.
12 April 2021UZBEKISTAN: in 2020 UZBEKINVEST retained its leading position, Gross Insurance became one of the largest insurers with 58% increase in paid claims
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.
30 March 2021UZBEKISTAN: in 2020 Alfa Invest showed growth in financial performance
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,
11 March 2021STATISTICS: UZBEKISTAN, FY2020: life insurance lost more than 10% of its share in the market portfolio in a year
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.
25 February 2021UZBEKISTAN: ASIA Insurance: COVID-19 pandemic and forced quarantine showed the importance of digitalization and process automation
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.
19 February 2021UZBEKISTAN: KAFIL SUG`URTA has been assigned a new solvency rating on the national scale at uzA+
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.
4 February 2021UZBEKISTAN: a new insurer SHARQ-SUG'URTA on the market
New insurer, SHARQ-SUG'URTA, entered the insurance market of Uzbekistan, UzReport informed on 28 December.
7 January 2021UZBEKISTAN: the sale of electronic MTPL policies to begin on March 1, 2021
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.
17 December 2020STATISTICS: UZBEKISTAN, 3Q2020: Decline in voluntary life insurance made the market decrease by more than 11% y-o-y
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.
10 December 2020UZBEKISTAN: S&P assesses the industry and country risks of the non-life sector in Uzbekistan as high
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
23 November 2020UZBEKISTAN: State Health Insurance Fund to be established from December 1
In accordance with the presidential decree, the State Health Insurance Fund will be established in Uzbekistan from December 1, UzReport news agency reports.
19 November 2020UZBEKISTAN: new company entered the market - ARIA SUG'URTA TASHKILOTI
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.
16 October 2020STATISTICS: UZBEKISTAN, 1H2020: Volumes drop recorded both in GWP and paid claims
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.
15 October 2020UZBEKISTAN: In 1H2020 UZBEKINVEST increased its international reinsurance presence by 8 times
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.
19 August 2020UZBEKISTAN: in the first half of the year paid claims of KAFOLAT increased by more than 18% y-o-y
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.
6 August 2020STATISTICS: UZBEKISTAN, 1Q2020: Life insurance dropped by more than 36%, while mandatory classes saw impressive growth
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.
16 July 2020UZBEKISTAN: Fitch Ratings — local market growth forecasts appear ambitious considering the insurance sector's small size
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.
30 June 2020UZBEKISTAN: 97% of O`zbekinvest Hayot paid claims fell on voluntary insurance in 1Q2020
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.
9 June 2020UZBEKISTAN: state share of KAFOLAT will be sold online
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.
4 June 2020UZBEKISTAN: over 97% of voluntary insurance claims were paid by O`zbekinvest Hayot in the first quarter of 2020
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.
13 May 2020
