Uzbekistan
UZBEKISTAN: GROSS records a fourfold increase in reinsurance volumes in 1H2024
GROSS insurance company is expanding its partnerships with global insurance companies and brokers. Currently, GROSS cooperates with 79 countries in the global insurance market. In 1H2024, the volume of reinsurance accepted by GROSS from foreign companies increased to 392% y-o-y, Gazeta.uz writes.
11 September 2024UZBEKISTAN: On August 1, electronic registration and issuance of compulsory insurance contracts was launched
The National Agency for Prospective Projects (NAPP) of the Republic of Uzbekistan reported that from August 1, 2024, electronic registration of insurance contracts, as well as issuance of insurance policies for four types of compulsory insurance, was launched through the portal of the Unified Information System service.e-osgo.uz, the agency's website says.
15 August 2024STATISTICS: UZBEKISTAN, 1Q2024: the share of non-life insurance exceeded 98% of all premiums
At the end of 1Q2024, the insurance sector of Uzbekistan grew by 32.64% y-o-y and amounted to UZS 2,213.96 billion (EUR 162.80 million), according to data published by the National Agency for Prospective Projects of the Republic of Uzbekistan.
11 June 2024UZBEKISTAN: NAPP is working to revise the MTPL tariffs
The National Agency for Prospective Projects (NAPP) of the Republic of Uzbekistan reported that work is underway to revise the MTPL tariffs established back in 2019, the agency said on its website.
4 June 2024UZBEKISTAN: The license of NEW LIFE SUG‘URTA KOMPANIYASI canceled
Based on the decision of the National Agency for Prospective Projects of the Republic of Uzbekistan dated May 21, 2024, the license of NEW LIFE SUG‘URTA KOMPANIYASI for voluntary and compulsory life insurance was canceled as of May 22, 2024, the agency said in a statement.
4 June 2024UZBEKISTAN: Gross recognized as “Brand of the Year” for the third time
The Gross insurance company for the third time was recognized as “Brand of the Year” by the Committee for the Development of Competition and Protection of Consumer Rights of the Republic of Uzbekistan and the Marketing Association of Uzbekistan, Gazeta.uz reports.
30 May 2024UZBEKISTAN: Regulations on the procedure for applying penalties to insurers approved
Uzbekistan has approved the Regulations on the procedure for applying penalties to insurers to ensure implementation of the Resolution of the President “On comprehensive measures for further development of the insurance market”, the National Agency for Prospective Projects of Uzbekistan (NAPP) reports.
14 May 2024STATISTICS: UZBEKISTAN, 3Q2023: the share of life insurance decreased from 29% to 4%
At the end of 3Q2023, the insurance sector of Uzbekistan grew by 33% to UZS 5,912.201 billion (EUR 460.76 million), according to the data published by the National Agency for Prospective Projects of the Republic of Uzbekistan.
7 May 2024STATISTICS: UZBEKISTAN, FY2023: GWP increased by 29%, while paid claims decreased by 22%
At the end of 2023, the insurance sector of Uzbekistan grew by 29% to UZS 8,059.726 billion (EUR 586.94 million), as data published by the National Agency for Prospective Projects of the Republic of Uzbekistan show.
7 May 2024UZBEKISTAN: Universal Sug‘urta ceased insurance activities
The license of Universal Sug‘urta for voluntary non-life insurance was canceled on April 2, the press service of the Uzbekistan's National Agency of Perspective Projects (NAPP) reported, gazeta.uz writes.
17 April 2024UZBEKISTAN: in 2023, the total charter capital of insurance companies increased by 22%
At the end of 2023, the total number of existing insurance contracts in Uzbekistan was about 9.74 million units, and the total number of concluded contracts was 9.13 million units (in 2022: 8.40 million and 7.95 million units, respectively). This indicates a stable pace of development of insurance activities, according to the Ahbor-Reyting rating agency.
17 April 2024UZBEKISTAN: new measures to increase popularity and quality of insurance services
On March 1, 2024, the President of the Republic of Uzbekistan adopted a resolution “On comprehensive measures for the further development of the insurance market”, which introduces several innovations in insurance, the National Agency for Prospective Projects of Uzbekistan reports.
12 March 2024UZBEKISTAN: in 2023, the number of online insurance services of Uzagrosugurta increased from 18 to 26
Since 2023, the number of online insurance services provided by Uzagrosugurta (O‘ZAGROSUG‘URTA), which is among the top 5 insurance companies in Uzbekistan (based on the 1H2023 results), has increased from 18 to 26, gazeta.uz writes.
5 March 2024UZBEKISTAN: from 2016 to 2023, the business of Uzbekinvest increased 12 times
The Uzbekinvest insurance company demonstrated positive development dynamics and ensured sustainable growth in key LoBs in 2023, gazeta.uz writes.
21 February 2024UZBEKISTAN: Insurers invested over UZS 6.2 trillion in the economy in 2023
The total charter capital of insurance companies in Uzbekistan in 2023 exceeded UZS 2.3 trillion (~EUR 0.17 billion) and increased by 22.6% y-o-y, the National Agency for Prospective Projects of Uzbekistan (NAPP) reports on its website.
13 February 2024UZBEKISTAN: The rating of ASIA INSURANCE upgraded to “B” in accordance with the updated criteria of the S&P capital model; forecast is “stable”
On January 25, 2024, the rating agency S&P Global Ratings upgraded the long-term financial stability rating of Asia Insurance Sug’urta Kompaniyasi JSC from “B-” to “B”. The forecast is “stable”.
13 February 2024UZBEKISTAN: Gross recognized as the “Best Non-Life Insurance Company”
Thanks to its significant contribution to the development of the insurance sector in Uzbekistan, Gross received an award at the International Finance Awards, which was held in Dubai. The company became the winner in the “Best Non-Life Insurance Company” nomination, Gazeta.uz reports.
29 January 2024UZBEKISTAN: In 9M2023, UZBEKINVEST’s insurance business doubled
Over the first 9 months of 2023, the leader of the insurance market, Uzbekinvest, achieved a significant increase in its performance, collecting UZS 938.4 billion (~EUR 72.50 million) in premiums, which is 210% more y-o-y, the insurer reports.
12 December 2023UZBEKISTAN: UZBEKINVEST is the first insurance company in Uzbekistan to enter IPO
On November 28, 2023, UZBEKINVEST, the largest insurance company in Uzbekistan, was the first of the local insurance companies to enter initial public offering (IPO) in the amount of 5% (UZS 14.1 billion/~EUR 1.08 million) of the charter capital on the Tashkent Republican Stock Exchange, the insurer said.
5 December 2023UZBEKISTAN: licenses of four insurance companies revoked over the past month
The National Agency of Prospective Projects (NAPP) has revoked licenses of four insurance companies in Uzbekistan over the past month, gazeta.uz writes, citing the Agency.
13 November 2023
