Insurance company’s license revoked in Uzbekistan

Business Materials 17 November 2015 20:06 (UTC +04:00)

Tashkent, Uzbekistan, Nov. 17

By Demir Azizov- Trend:

The Uzbek finance ministry has terminated the license of Silk Road Insurance company, the ministry said.

"Proceeding from the statement of Silk Road Insurance company, the license for insurance activity was terminated (No 00195 dated July 25, 2014)," a statement said.

"The license was revoked in connection with the company's statement of its intention to change the type of activity," a representative of the ministry told Trend.

He said that Silk Road Insurance company intends to engage in investment activity.

Silk Road Insurance was founded in November 1991. The authorized capital of the company reached more than 4.167 billion soums.

In January-June 2015, the company increased collection of premiums by 1.5 percent - up to 1.956 billion soums, the volume of insurance payments increased by 2.6 times - up to 307.2 billion soums. The company's share in the insurance market of Uzbekistan in the first half of 2015 amounted to 0.7 percent.

So far, Uzbekistan has had 31 insurance companies, including three companies operating in life insurance, 28 companies - in general insurance.

It was previously reported that in the first half of 2015, Uzbek insurers increased collection of premiums by 22 percent compared to the same period in 2014 - up to 270.935 billion soums, total payments increased by 1.7 times - up to 56.755 billion soums.

The share of the 10 largest insurance companies of Uzbekistan accounted for 76 percent of total premiums and nearly 86 percent of the payments.

The official exchange rate for November 17 is 2721.12 UZS/$ 1.