Uzbek insurers increase premium collection in first quarter

Business Materials 23 May 2011 11:38 (UTC +04:00)

Uzbekistan, Tashkent, May 23 / Trend D. Azizov /

The Uzbek insurance companies increased collecting of premiums by 41,4 percent up to 62.8 billion soums in January-March 2011 compared to the same period of last year, a source in the government told Trend.

In particular, the amount of the collected premiums on voluntary kinds of insurance increased by 56.8 percent - up to 41.7 billion soums (66.4 percent of the total amount of the collected premiums), mandatory insurance - by 18.4 percent up to 21.1 billion soums (33.6 percent).

The largest volume of premiums - 78.3 percent compared to 77.3 percent in January - March last year was collected by ten companies, including the State Joint-Stock Insurance Company Uzagrosugurta - 17,5 percent, the National Export-Import Insurance Company Uzbekinvest - 14,2 percent, Uvt inshurans - 10,7 percent, Kafolat - 8,4 percent, Transinsurance plus - 6,1 percent, Kapital Sugurta - 4.9 percent, Alfa Invest - 4,8 percent, Asia insuranse - 4,6 percent, Alskom - 4,4 percent, AgroInvestSug'urta - 2,7 percent.

The Uzbek insurers have concluded 1,6 million insurancecontracts for the first three months of the year compared to 1.5 million the previous year (reduced by 6.7 percent). The agreements on all compulsory kinds of insurance totaled 31.3 percent of total number of contracts.

The amount of insurance liabilities of insurers in accordance with the contracts signed since 2011 amounted to 20.1 trillion soums, or 74.8 percent more than a year ago.

The total amount of insurance payments made in January-March 2011 increased by 21.7 percent - up to 7.3 billion soums. In particular, the payments for voluntary insurance increased by 10.6 percent and hit 60.7 percent (4.4 billion soums) of the total amount of payments for compulsory insurance payments increased by 13.6 percent - up 2.9 billion soums, which accounted for 39.3 percent of total payments.

Five insurance companies made payments to the amount of 59.1 percent in the first quarter. Uzagrosugurta - 18,4 percent, Uzbekinvest - 13,5 percent, UzbekInvest Hayot, specializing in life insurance - 12.1 percent, AgroInvestSugurta - 8,1 percent, Capital Sugurta - seven percent are among them.

At present, about 31 insurers operate in the sphere of general insurance, two companies - in the sphere of life insurance, one reinsurance company, three insurance brokers, two actuarial organizations, four companies providing insurance assistance, four adjust and survey organizations operate in the country.

The Uzbek insurers collected premiums by 20 percent up to 175 billion soums in 2010, compared to 2009. The total amount of insurance premiums increased by 33.2 percent - up to 27.6 billion soums.