ASIA INSURANCE began concluding insurance contracts against crop failure in the cotton-textile clusters of UZTEX group, the insurer announced.
On March 29, 2019, at the XI Tashkent International Conference on Insurance and Reinsurance a national insurance award ceremony (Golden Umbrella award) was held, as UzReport informed.
Within the framework of the International Financial and Banking Forum of CIS member states, held in Tashkent March 27-31, INGOSSTRAKH and INGO Uzbekistan (part of the INGO Group) held a press-briefing on the development of Russian-Uzbek insurance relations, the news agency UzReport wrote.
Based on the market results for 2018 life GWP were 3 times higher y-o-y and increased to UZS 417.2 billion. At that life paid claims demonstrated an extremely rapid growth (+337.1%) to UZS 264 billion, as UzReport wrote.
In 2018, the Uzbek insurance market went up by 76.31% y-o-y in local currency, and by 79.01% in euro, due to a more favorable exchange rate at the end of 2018, according to the market data, provided by the Ministry of Finance of the Republic.
According to the preliminary data, GWP growth rate of O'zbekinvest Hayot in 2018 amounted to 59% (UZS 101.2 billion), as the information agency UzReport wrote.
MOI Insurance broker, one of the leaders in risk management, is opening a representative office in Uzbekistan - -MOI Insurance Brokers Asia, according to the Ministry of Finance of the country.
On December 21, 2018 S&P Global Ratings assigned its 'BB-/B' long-term and short-term foreign and local currency sovereign credit ratings to Uzbekistan. The outlook is stable, as the agency informed.
For 3 quarters Uzbek insurers generated GWP in the amount of almost UZS 1.2 trillion. At that voluntary classes collected UZS 984.4 billion from the total GWP, according to the data of the Ministry of Finance of Uzbekistan.
From January to September this year, the paid claims' growth rate of O'zbekinvest Hayot amounted to 88% y-o-y and reached UZS 49.6 billion, announced UzReport.
From January to September this year paid claims' growth rate of O'zbekinvest Hayot amounted to 88% y-o-y and reached UZS 49.6 billion, as UzReport informed.
INGO-UZBEKISTAN, one of the key local insurers, on October 25 celebrated 10 years of successful operations and 15 years of its parent company presence in the Uzbek insurance market.
ASIA Insurance, one of the leaders in the Uzbek insurance market, posted a 120.5% increase in premiums in the first 9 months of this year, in comparison to the same period from 2017, according to a recent press release from the insurer.
In the first half year, Uzbek insurers generated UZS 817.6 billion (EUR 89.12 million) of GWP, which in local currency means a y-o-y growth of 87.53%, while in euro the market GWP dropped by 10.19% due to significant depreciation of UZS against EUR, according to the data of the Ministry of Finance of Uzbekistan.
Uzbek insurance companies increase value of collected insurance premiums
According to the Ministry of Finance of Uzbekistan total paid claims went up by 27% to UZS 177.1 billion* in the first half of the year. With that, total GWP amounted to UZS 817.6 billion, 88% more than a year ago.