Uzbek "daughter" of Ingosstrakh increases collection of premiums by 1.7 times

Business Materials 5 August 2014 17:19 (UTC +04:00)

Tashkent, Uzbekistan, August 5
By Demir Azizov- Trend:

"INGO Uzbekistan" CJSC insurance company, the subsidiary of Russian "Ingosstrakh" JSC has increased insurance premiums by 73.3 percent up to 9.2 billion soums in the first half of 2014 compared to the same period 2013, the company's representative told Trend.

The growth of premiums was achieved primarily by means of increased fees in voluntary property insurance by 85 percent, individual insurance - by 79 percent, insurance of construction-installation risks - by 78 per cent, cargo insurance - by 77 percent , comprehensive motor insurance - more than 1.5 times, according to the source.

The volume of payments stood at the level of 1.1 billion soums, which is the same as last year. The main part of the insurance compensations was paid on voluntary health insurance, auto insurance, insurance of property and goods, as well as travel insurance.

As of the beginning of July, the volume of insurance reserves of the "INGO-Uzbekistan" CJSC amounted to 9.8 billion soums (a growth of 82 percent compared to the same period last year).
The total volume of investment of the insurance company in the Uzbek economy increased by 25 percent and amounted to 13.5 billion soums since the beginning of the year.

In April 2008, JSC "InVestPolis" (a subsidiary of "Ingosstrakh" JSC) has acquired 76 percent of the share capital of insurance company, "Standard Insurance Group". In September 2008, the company was renamed Insurance Closed Joint-Stock Company "Ingo-Uzbekistan". In August 2012, JSC "InVestPolis" increased its stake in "INGO-Uzbekistan" to 90 percent.

Along with InVestPolis JSC, INGO-Uzbekistan's shareholders are the Bukhara refinery and national air carrier Uzbekistan Airways with a 5 percent share each.

At present, the authorized capital of the insurance company stands at 7.6 billion soums, it consists of 1,000 ordinary shares with nominal of 7.6 million soums each.

The company is licensed by the Ministry of Finance of Uzbekistan for the implementation of activities in the field of general insurance in the mandatory and voluntary forms under 14 classes.

As of 2013, the company has collected premiums totaling 9.2 billion soums - almost 1.5 times more than in 2012. The volume of payment increased by 48 percent - up to two billion soums.

Some 30 insurance companies with a total registered capital in the amount of 318.446 billion soums on July 1 operated in Uzbekistan in the first half of 2014, according to the Ministry of Finance.

In 2013, the Uzbek insurers increased collection of premiums by 32.1 percent up to 338.483 billion soums compared to 2012. The volume of payments increased by 53.4 percent up to 66.92 billion soums.

The official exchange rate for August 4 is 2332.24 UZS / USD.

Edited by CN