Uzbek insurance company increases collection of premiums by 37 percent

Business Materials 5 May 2016 17:46

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

The Kafolat state joint-stock insurance company, one of the largest insurers of Uzbekistan, increased its collection of insurance premiums by 36.5 percent up to 16.5 billion soums in January-March 2016 compared to the same period of 2015, a representative of the company told Trend May 5.

The official exchange rate is 2904,68 soums / $1.

Some 45.1 percent of the total volume of premiums on the main kinds of insurance accounted for compulsory insurance of civil liability of vehicle owners (4.7 billion soums), compulsory insurance of civil liability of the employer (2.1 billion soums), compulsory insurance of civil liability of the carrier (640.7 million soums).

The company's share on the volume of premiums collected in these types of insurance hit 20.6 percent, 25.6 percent and 27.5 percent respectively as of the first quarter of 2016.

Some 54.9 percent of premiums accounted for the voluntary types of insurance.

The payment of claims increased by 30.7 percent up to 3.9 billion soums for the first quarter of 2016.

Kafolat was founded in 1997 upon the Uzbek government's decision. The company renders more than 80 types of insurance in over 150 territorial divisions throughout the country.

Other largest shareholders are: the National Bank for Foreign Economic Activity - 11.8 percent, the Navoi Mining and Metallurgical Combine (NMMC) - 7.9 percent, the State Joint-Stock Company Uzagrosugurta - 4.8 percent, Almalyk Steel and Mining plant - 3.4 percent.

In 2015, the company collected insurance premiums in the amount of 57.8 billion soums (37.3 percent more compared to 2014), the volume of payments increased by 50.2 percent - up to 14 billion soums.

The largest shareholder is the Uzbek ministry of finance with a 67 percent share in the authorized capital.

The company's authorized capital hits 26.162 billion soums.

The company's shares are owned by about 500 shareholders, including 12 legal entities.