Uzbek "Uzagrosugurta" insurance company increases premiums by 22% in Q1 of 2014
Tashkent, Uzbekistan, May 1
By Demir Azizov- Trend:
"Uzagrosugurta" State Joint Stock Insurance Company one of the top five largest insurers in Uzbekistan increased the collection of premiums by 22.3 percent in January - March 2014 compared to the same period in 2013 - up to 21.2 billion soums, the company's representative told Trend.
Insurance premium revenues on the compulsory insurance of civil liability of vehicle owners amounted to nine billion soums, on mandatory insurance of civil liability of the employer - 1.3 billion soums.
Total volume of insurance payment amounted to 3.6 billion soums compared to 1.96 billion soums in the previous year (a growth of 1.8 times).
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 authorized capital of the insurance company totals 10,868 billion soum. The largest shareholders of Uzagrosugurta are the Ministry of Finance of Uzbekistan with a 75.8 percent share in the authorized capital and the Uzhlopkoprom state association with a 13.1 percent share.
In 2013 Uzagrosugurta increased the collection of premiums by 33.4 percent up to 61.653 billion soum compared with 2012. The volume of the insurance payment increased by 9.3 percent up to 8.378 billion soum.
Currently, 31 insurance companies operate in the republic. Two of them in the life insurance industry, one reinsurance company and 28 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.
Official exchange rate on May 1 is 2276.19 soums / $ 1.
Translated by S.I.
Edited by C.N.