Uzbekistan
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UZBEKISTAN: ASIA INSURANCE - 15 years on the non-life insurance market
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.
12 March 2020STATISTICS: UZBEKISTAN, FY2019: the share of voluntary insurance exceeded 86% in the market portfolio
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.
5 March 2020UZBEKISTAN: O'zbekinvest Hayot growth of paid claims exceeded 62% in 2019
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.
26 February 2020UZBEKISTAN: GWP of ALSKOM in 2019 exceeded UZS 50 billion (~EUR 4.7 million)
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.
29 January 2020UZBEKISTAN: a new insurer enters the market - Omad sug'urta
In December 2019, the Ministry of Finance issued a license for a new insurance company - Omad sug'urta, as UzReport news agency informed.
7 January 2020UZBEKISTAN switches to IFRS starting 2021
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).
18 December 2019UZBEKISTAN: O'zbekinvest Hayot awarded as the best travel insurance company
The leader of the Uzbek insurance market, O'zbekinvest Hayot, was awarded as the best travel insurance company, as UZREPORT news agency writes.
25 November 2019STATISTICS: UZBEKISTAN, 3Q2019: paid claims jumped by almost 96% y-o-y
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.
7 November 2019UZBEKISTAN: paid claims of O`zbekinvest Hayot for 9 months increased by almost 71% y-o-y
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.
31 October 2019UZBEKISTAN: Kamoliddin TALIPOV appointed Head of the Insurance Market Development Agency
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.
17 October 2019UZBEKISTAN: a "road map" for introduction of compulsory health insurance was prepared
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.
9 October 2019STATISTICS: UZBEKISTAN, 1H2019: GWP growth exceeded 53%, while paid claims increased by more than 116% y-o-y
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.
22 August 2019Uzbekistan intends to double insurance market share in GDP
20 August 2019UZBEKISTAN: new Presidential Decree provides for e-policies and increasing insurer minimum charter capital
In Uzbekistan, a new Presidential Decree "On measures to reform and ensure accelerated development of the insurance market of the Republic of Uzbekistan" was adopted on August 2. It involves several changes on the local market, UzReport news reported.
19 August 2019UZBEKISTAN: new insurance company licensed: Perfect Insurance
The Uzbek Ministry of Finance has issued a license to a new insurance company, Perfect Insurance, UzReport news reported on August 12, with reference to the Ministry.
19 August 2019Uzbekistan intends to double insurance market share in GDP 7 August 2019
7 August 2019UZBEKISTAN: Insurance Market Development Agency to be established
At a meeting held July 10 by President Shavkat MIRZIYOYEV, it was decided to reform the State Inspectorate for insurance supervision at the Ministry of Finance by liquidating it and establishing an Insurance Market Development Agency, reports UzReport.
18 July 2019UZBEKISTAN: new company in the life market: ALSKOM-VITA
ALSKOM has registered a new life insurer: ALSKOM-VITA. The license, based on the order of the Ministry of Finance, was issued May 29, 2019, as reported by UzReport news agency.
6 June 2019STATISTICS: UZBEKISTAN, 1Q2019: paid claims saw rapid increase of more than 117%
From January to March 2019, Uzbek insurers collected GWP in the amount of UZS 522.8 billion (EUR 55 million), 37.22% more y-o-y in local currency. Paid claims saw a rapid increase of 117.83%, to UZS 180.16 billion (EUR 18.98 million), as data published by the Ministry of Finance of the Republic show.
16 May 2019UZBEKISTAN: ASIA INSURANCE signing insurance contracts against cotton crop failure
ASIA INSURANCE began concluding insurance contracts against crop failure in the cotton-textile clusters of UZTEX group, the insurer announced.
2 May 2019
