Since early 2013 Uzbekistan increases insurance premiums by almost 1.4 times
Tashkent, Uzbekistan, Nov. 12
By Demir Azizov - Trend: Insurance companies of Uzbekistan increased the collection of premiums by 37.8 percent to 261.42 billion soum in January-September 2013 compared to the same period last year, the Uzbekistan's Ministry of Finance reported.
According to the report, this includes the premiums for voluntary insurance at 190.164 billion soum (a 44.7 percent increase) and for compulsory insurance - 71.256 billion soum (a 22.2 percent increase).
43.846 billion soum was collected on compulsory insurance of civil liability of vehicle owners (a 22.7 percent increase) and 14.556 billion soum - on mandatory insurance of civil liability of the employer (an increase of 10.7 percent ).
Aggregate payments of Uzbek insurers in January - September increased by 48.1 percent to 53.147 billion soum. Of the total payments, payments for compulsory insurance amounted to 29.4 percent, for voluntary insurance to 70.6 percent. Payments for voluntary insurance increased by 56.9 percent to 39.418 billion soum, for compulsory insurance - by 27.4 percent to 13.729 billion soum.
Of the total amount of payments, insurance of civil liability of vehicle owners accounted for 5.733 billion soum (up 15.1 percent), while mandatory insurance of civil liability of the employer amounted to 5.376 billion soum (up 39 percent).
The five leading companies to raise premiums included State Joint-Stock Insurance Company Uzagrosugurta - 45.952 billion soum (17.6 percent of total payments), the National Export-Import Insurance Company UzbekInvest - 36.063 billion soum (13.8 percent), Asia insurans JSC - 24.989 billion soum (9.6 percent), SACC Kafolat - 22.42 billion soum (8.6 percent), Alfa Invest CJSC - 17.528 billion soum (6.7 percent).
The largest volume of payments was made by the National Export-Import Insurance Company UzbekInvest - 23.817 billion soum (44.8 percent of the total payments), Uzagrosugurta - 4.724 billion soum (8.9 percent), UzbekInvest hayot specializing in life insurance- 4.538 billion soum (8.5 percent), Kafolat - 4.485 billion soum (8.4 percent).
According to the Ministry of Finance, there are 33 insurance companies in Uzbekistan with a total registered capital of 297.725 billion soum by October 1 this year.
In 2012, Uzbek insurers increased the collection of premiums by 34.8 percent to 285.886 billion soum compared to 2011, while the volume of payments increased by 3.4 percent to 46.006 billion soum.
The official exchange rate is 2182.90 soum/USD on Nov.12.