Uzbek Uzagrosugurta insurance company increases premiums by 34.7%

Business Materials 5 February 2015 16:35 (UTC +04:00)

Tashkent, Uzbekistan, Feb. 5

By Demir Azizov- Trend:

Uzagrosugurta State Joint Stock Insurance Company, which ranks first of the top three largest insurers in Uzbekistan increased the collection of premiums by 34.7 percent in 2014 compared to the same period in 2013 - up to 83.1 billion UZS, the company's representative told Trend.

Official exchange rate on Feb. 5 is 2442.13 UZS / $1.

In particular, premiums on voluntary insurance rose by 42.7 percent to 44.1 billion UZS, on compulsory insurance - by 26.6 percent to 39 billion UZS.

Insurance premium revenues on the compulsory insurance of civil liability of vehicle owners amounted to 28.6 billion UZS, on mandatory insurance of civil liability of the employer - 10.4 billion UZS.

The total amount of payments for 2014 increased by 62.4 percent to 13.9 billion UZS, including voluntary insurance, which increased by 1.4 times to 7.79 billion UZS, compulsory insurance - by 84.7 percent to 6 11 billion UZS.

Some 3.57 billion UZS were paid of the total amount of insurance claims on insurance of agricultural risks, 2.44 billion UZS on insurance of population, 517.6 million UZS on insurance of legal entities. Payments on the compulsory insurance of civil liability of vehicle owners accounted for 2.57 billion UZR, on mandatory insurance of civil liability of the employer - 3.54 billion UZS.

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 23.535 billion UZS. The largest shareholders of Uzagrosugurta are the Ministry of Finance of Uzbekistan with a 75.6 percent share in the authorized capital and the Uzhlopkoprom state association with a 13.2 percent share.

In 2013 Uzagrosugurta increased the collection of premiums by 33.4 percent up to 61.653 billion UZS compared with 2012. The volume of the insurance payment increased by 9.3 percent up to 8.378 billion UZS.

Currently, 31 insurance companies operate in the republic. Three of them operate in the life insurance industry and 28 insurers in general insurance.

It was earlier reported that in 2014 Uzbek insurers increased collection of insurance premiums by 29 percent compared with 2013 - up to 436.1 billion UZS, the total payout last year grew by 8.1 percent - to 72.4 billion UZS.

Edited by CN