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Uzbek Joint-Stock Insurance Company’s 42 per cent premium collection increase

Business Materials 29 May 2013 09:26 (UTC +04:00)
The State Joint Stock Insurance Company (GASC) Uzagrosugurta, one of the top five largest insurers of Uzbekistan, increased its collection of premiums in January-March 2013 by 42.3 per cent to 17.5 billion soum compared to the same period in 2012. The volume of insurance payments was 1.96 billion soum, the representative of the company told Trend.
Uzbek Joint-Stock Insurance Company’s 42 per cent premium collection increase

Uzbekistan, Tashkent, May 24 / Trend D.Azizov /

The State Joint Stock Insurance Company Uzagrosugurta, one of the top five largest insurers of Uzbekistan, increased its collection of premiums in January-March 2013 by 42.3 per cent to 17.5 billion soum compared to the same period in 2012. The volume of insurance payments was 1.96 billion soum, the representative of the company told Trend.

As of April 1, 2013, the volume of the company's investment amounted to 47.4 billion soum, which is 1.7 times higher than last year.

According to the company's representative, the company signed 1.134 million insurance contracts for a total amount of insurance liabilities of 5.6 trillion soum in the first quarter.
Uzagrosugurta was established in 1997 to provide comprehensive services to insurance companies in the agricultural sector of the economy of Uzbekistan. The company offers more than 70 types of insurance through 13 regional directorates, 173 district and municipal offices, 20 subsidiaries operating throughout Uzbekistan and 426 agency company offices in remote areas.

The authorised capital of the insurance company totals 10,215 billion soum and consists of 8.151 million ordinary and 20.000 preference shares with a par value of 1,250 soum each.
The largest shareholders of Uzagrosugurta are the Ministry of Finance of Uzbekistan with a 75.8 per cent stake in the authorised capital and the state association Uzhlopkoprom with a 13.1 per cent stake.

In 2012 Uzagrosugurta increased the collection of premiums by 23.2 per cent to 46.2 billion soum compared with 2011. Premiums increased by 33.5 per cent to 7.66 billion soum and the volume of investment by 66, 3 per cent up to 43.4 billion soum.

Currently, the bank operates 33 insurance companies, two of them in the life insurance industry, one reinsurance company and 30 insurers in general insurance. In addition, there are three insurance brokers, two actuarial organisations, four companies providing insurance assistance and four adjust and survey organisations operating on the insurance market.

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