[video|5649]The insurance companies of Uzbekistan have underwritten, in 2010, premiums of over SUMM 175 billion (EUR 72.7 million) worth, up 20% from 2009. "This growth comes under the circumstances of the national economy's overall evolution and of the great potential the local market has", said Olimjon IKRAMOV, Chief of the Insurance Supervision Inspectorate, in the opening of the International Insurance Forum in Uzbekistan.

The event is attended by over 200 representatives of insurance, reinsurance, brokerage and consultancy companies, from 20 countries. The conference is held with the official support of PRIMM Insurance & Pensions Magazine, a traditional partner of this event dedicated to Central Asian markets, being represented by Oleg DORONCEANU, International Markets Coordinator, and Vlad PANCIU, Project Manager, XPRIMM TV.

Speaking about the results of the Uzbek insurance market, Olimjon IKRAMOV has mentioned that, in recent years, the share held by state insurance companies in total underwritings is decreasing, reaching 34.9% in 2010. Also, 26.7% of total gross premiums were collected on mandatory insurance segments.

The value of claims paid by Uzbek insurers rose to SUMM 27.6 billion (EUR 11.47 million), up 33% compared to 2009, the claims ratio reaching 15% of the total value of underwritings.

During the analyzed period, 30 companies have ceded risks in reinsurance, of which 18 companies have ceded abroad. The volume of ceded premiums amounted to 24% of total underwritings, being ceded in 30 foreing countries (40% - United Kingdom, 22% - Russia, 14% - Germany).

On the Uzbek insurance market, 34 insurance companies are active, a total of 10,000 people being hired in the field. Three insurance brokers and two actuaries also operate on the market. In 2010, 6 million insurance contracts have been signed, of which 75% are voluntary contracts.