Uzbek insurance companies collect premiums for over $194M

Baku, Azerbaijan, April 1

By Fakhri Vakilov – Trend:

Uzbekistan’s insurance companies collected insurance premiums in the amount of 1.63 trillion soums ($194.230 million) in 2018, which is 76 percent more compared to 2017, Trend reports with reference to the Ministry of Finance of Uzbekistan.

The volume of insurance premiums for voluntary types of insurance products increased by 98 percent to 1.37 trillion soums in 2018. For compulsory insurance premiums were collected in the amount of 236.5 billion soums in the reporting period, which is 13 percent more than in 2017.

Insurance payments in 2018 compared with 2017 increased by 71 percent and amounted to 460.8 billion soums. The companies made voluntary insurance payments in the amount of 389.3 billion soums ( increase of 92 percent) and compulsory insurance for 71.5 billion soums (6 percent).

In 2018, investment by insurance companies in Uzbekistan amounted to 2.01 trillion soums, which is 36 percent higher compared to 2017. The amount sent for deposits was 1.04 trillion soums (increase of 56 percent) and in securities - 708.6 billion soums (increase of 10 percent).

The insurers of Uzbekistan sent 120.4 billion soums to real estate (increase of 23 percent), 125.1 billion soums to the authorized capital of enterprises (an increase of 107 percent). At the same time, the volume of loans exceeded 13.9 billion soums (increase of 44 percent). Other investments fell by 80 percent to 0.2 billion soums.

The total authorized capital of insurance companies of Uzbekistan in 2018 increased by 69 percent compared with 2017 and amounted to 543 billion soums.

Uzagrosugurta JSC (178 billion soums), Uzbekinvest NEIIC (169.1 billion soums) and New Life Insurance LLC (159.9 billion soums) became the leaders of 2018 in terms of premiums collected.

The Top 3 in terms of insurance payments in 2018 included New Life Insurance LLC (98.7 billion soums), Agros Hayot LLC (79.1 billion soums) and Uzbekinvest Hayot LLC (68.1 billion soums).

($1-8392.08 soums on April 1)

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Follow author on Twitter:@vakilovfaxri

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