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Uzbek insurances increase premiums by almost a quarter

Business Materials 21 July 2014 17:59 (UTC +04:00)

Tashkent, Uzbekistan, July 21
By Demir Azizov- Trend:

Uzbek insurance companies increased insurance premiums by 23 percent, up to 219.99 billion soums in the first half of 2014 compared to the same period last year.

Some 149.017 billion soums (a growth of 18.1 percent) of premiums collected on voluntary insurance in January-June, 70.973 billion soums on compulsory insurance (a growth of 34.7 percent), according to the Uzbek Finance Ministry.

Some 43.258 billion soums (a growth of 37 percent) have been received on compulsory insurance of civil liability of vehicle owners, 14.416 billion soums (a growth of 11.7 percent) on compulsory insurance of civil liability of the employer.

"Uzagrosugurta" State Joint-stock Insurance Company (JSC) with 44.167 billion soums (a growth of 27.1 percent), "Uzbekinvest" National Export - Import Insurance Company with 25.719 billion soums (a growth of 19.1 percent), SACC Kafolat with 20.551 billion soums (a growth of 22 percent), "Alfa Invest" JSC - 16,982 billion soums (a growth of 10.1 percent), "Kapital Sugurta" JSC - 13,022 billion soums ( a growth of 43.9 percent) are entered into the top five leading companies to collect premiums in the first half of 2014.

Aggregate payments of insurers decreased by 24.6 percent - up to 30.33 billion soums in Uzbekistan in January - June. The payments on voluntary types of insurance fell by 40.2 percent - up to 18.701 billion soums, on compulsory insurance - rose by 29.5 percent up to 11.635 billion soums. The payments on compulsory insurance of civil liability of vehicle owners amounted to 5,084 billion soums (a growth of 33.1 percent), on compulsory insurance of civil liability of the employer - 4.973 billion soums (a growth of 26.8 percent).

The largest volume of payments was carried out by "Uzagrosugurta" - 5.639 billion soums ( a growth of 59.5 percent), "UzbekInvest" - 5.241 billion soums (a growth of 24.4 percent), "UzbekInvest hayot", which specializes in life insurance - 4,449 billion soums (a growth of 71.8 percent), "Kafolat" - 2.975 billion soums ( a decrease of 1.3 percent), "Agro Invest Sugurta" JSC - 2,654 billion soums (a growth of 3.2 times).

The number of existing insurance contracts decreased by 6.2 percent - up to 5,693 million, some 3.88 million of which ( a decrease of 10.1 percent) concluded on voluntary insurance, 1,813 million (a growth of 3.6 percent) - on compulsory insurance .

Some 30 insurance companies operated in Uzbekistan with total registered capital in the amount of 318.446 billion soums as of July 1, 2014, the ministry reported.

In 2013, the Uzbek insurers increased collection of premiums by 32.1 percent up to 338.483 billion soums compared to 2012 , the volume of payments increased by 53.4 percent up to 66.92 billion soums.

The official exchange rate on July 18 is 2,324.10 UZS /USD.

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