Uzbekistan, Tashkent, October 17 / Trend D. Azizov /
The Kafolat State Joint-Stock Insurance Company, one of the largest insurers of Uzbekistan, increased its collection of insurance premiums by 47.6 percent - to 22.4 billion soums in January-September 2013 compared to the same period of 2012, a representative of the insurance company told Trend on Wednesday.
In particular, revenues for voluntary insurance increased by 1.7 times - up to 8.886 billion soums, for compulsory insurance - by 35 percent up to 13.534 billion soums.
Insurance payments increased by 2.6 times - up to 4.52 billion soums, while about 62 percent of payments fell to voluntary types of insurance, 25 percent to compulsory insurance of civil liability of vehicle owners and 13 percent to compulsory insurance of civil liability of the employer.
As of early October, in total during nine months of 2013 the company entered into 365,400 insurance contracts, total insurance liabilities rose by 51.7 percent - to 7,281 trillion soums.
Kafolat was founded in 1997 upon the Uzbek government's decision. The company renders more than 80 types of insurance through its over 150 territorial divisions throughout the country. According to the operative data on October 1, 2013, the market share of the company is 11 percent.
Currently, the authorized capital of the insurer amounts to 8.2 billion soums and is divided into 6.688.882 ordinary and 5,000 preferred shares at par value of 1,225 soum each.
The largest shareholders are the National Bank for Foreign Economic Activity - 32 percent, the Navoi Mining and Metallurgical Combine (NMMC) - 21.2 percent, public joint stock company Uzagrosugurt - 12.8 percent, Uzbek Ministry of Finance - 9.5 percent and Almalyk Steel and Mining plant - 9.1 percent.
In 2012 Kafolat increased insurance premium collection by 39.6 percent - to 20.8 billion soums. The company's total insurance liabilities totaled about 6.8 trillion soums as of late 2012 or 38.4 percent more than the same rate in 2011. The payments amounted to 2.5 billion soums as of 2012. The same volume was in the previous year.
The official exchange rate is 2163.83 soums / $1 on October 17.