Uzbek insurers increase joint capital of investments by 13 percent in 2010
Uzbekistan, Tashkent, Jan. 20 / Trend D. Azizov /
Uzbek insurers increased the total amount of investments by 12.7 percent to 298.8 billion soum in 2010 compared to 2009, the Uzbek SAIPRO analytical firm told Trend.
According SAIPRO, the share of deposits in the total investments of insurers increased to 44.2 percent compared to 40.6 percent a year earlier and the share of investments in securities fell to 41 percent compared to 43.9 percent in 2009. In this case, the total volume of deposits increased by 21.7 percent to 132.1 billion soum, with investments in securities rising by 4.6 percent to 122.5 billion soum.
Roughly 93.6 percent fell to deposits in commercial banks. The remaining amount fell to credit unions and microcredit institutions.
The share of investments in shares hit 94.6 percent of the total aggregate investments in securities as of 2010.
According to SAIPRO, Uzbek insurers increased their investments in real estate by 1.2 percent to 7.2 percent in the total investments last year. The share of loans in the total investment portfolio of insurers was 1.2 percent (1.7 percent in 2009), the share of participation in the authorized capital of enterprises was 5.8 percent (6.6 percent), and the share of other investments reached 0.6 percent (1.2 percent).
The Uzbekinvest National Export-Import Insurance Company was the investment volume leader in 2010. Its share was 50.8 percent (58.2 percent in 2009) of the total investments.
The top 10 investment leaders include Uzagrosugurta (5.3 percent), Kafolat (4.6 percent), Alfa Invest (4.1 percent), Transinsurance (3.9 percent), Ingo Uzbekistan (2.5 percent), Alskom (2.5 percent), Temiryul Sugurta (2 percent), Asia insurans (1.8 percent ), and Agro Invest Sugurta (1.8 percent).
The concentration level of the top 10 insurance companies in the total investments over the past year was 79.4 percent compared to 80.7 percent a year earlier.
The Uzbek insurance market is represented by 30 general insurance companies, two companies in the field of life insurance, a reinsurance company, three insurance brokers, one actuarial organization and the five companies that provide services of insurance assistance. In 2010, the premiums collected by Uzbek insurance companies increased by 17.3 percent to 171.4 billion soum compared to 2009. The total insurance premiums collected increased by 30.4 percent to 27 billion soum.