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.
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.
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.