Uzbek insurance companies increase premium collection by over 30% in 2013

Tashkent, Uzbekistan, Feb. 13

By Demir Azizov - Trend:

The Uzbek insurance companies increased the premium collection by 32.1 percent to 338.483 billion soum in 2013 compared to 2012, the Uzbek Ministry of Finance reported on Feb. 12.

The voluntary insurance premiums hit 235.535 billion soum (a 31.6 percent increase) and compulsory insurance - 102.948 billion soum (a 33.2 percent increase).

Some 62.198 billion soum was collected in compulsory insurance of civil liability of vehicle owners (a 31.5 percent increase) and 25.19 billion soum - on mandatory insurance of civil liability of the employer (a 31.9 percent increase).

The five leading companies in terms of premium collection include Uzagrosugurta State Joint-Stock Insurance Company - 61.653 billion soum (a 33.4 percent increase), UzbekInvest National Export-Import Insurance Company - 44.13 billion soum (a 2.2-fold increase), Kafolat - 31.137 billion soum (a 49.7 percent increase), Asia insurans - 34.771 billion soum (a 18 percent increase), Alfa Invest - 20.762 billion soum (a 88 percent increase).

The aggregate payments of Uzbek insurers increased by 53.4 percent to 66.92 billion soum, in 2013. The voluntary insurance payments increased by 60.5 percent to 47.835 billion soum, compulsory insurance - by 38.1 percent to 19.084 billion soum. The insurance of civil liability of vehicle owners accounted for 8.316 billion soum (a 28.9 percent increase), while mandatory insurance of civil liability of the employer amounted to 7.745 billion soum (a 53.9 percent increase).

The largest volume of payments was made by the UzbekInvest National Export-Import Insurance Company - 26.788 billion soum (a 3.2-fold increase), Uzagrosugurta - 8.378 billion soum (a 9.3 percent increase), Kafolat - 6.351 billion soum (a 1.6-fold increase).

The number of insurance contracts increased by 9.2 percent to 6.104 million, of which 4.136 million (a 2.8 percent increase) were concluded in voluntary insurance, 1.968 million (a 25.8 percent increase) - in compulsory insurance.

The insurance companies signed 1.774 million contracts on compulsory insurance of civil liability of vehicle owners (a 16.2 percent increase) and 191,920 contracts on mandatory insurance of civil liability of the employer (a 4.3-fold increase).

The insurance obligations on the concluded insurance contracts increased by 51 percent - up to 161.58 trillion soums, including voluntary insurance - 53.6 percent (to 125.88 trillion soums), mandatory insurance - 42.3 percent (up to 35.7 trillion soums ) in 2013.

As of January 1, 2014, there were 31 insurance companies with a total registered capital of 287.3 billion soum, according to the Uzbek Ministry of Finance.

The official exchange rate is 2215.99 сума(soum)/$1 on Feb. 13.

Translated by NH

Edited by CN

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