...

Uzbekistan intends to double insurance market share in GDP

Finance Materials 7 August 2019 13:14 (UTC +04:00)

Baku, Azerbaijan, August 7

By Fakhri Vakilov-Trend:

An agency for the development of the insurance market is being created on the basis of the State Inspectorate for Insurance Supervision under the Ministry of Finance of Uzbekistan, Trend reports with reference to the president’s decree published on Lex.uz.

The decree of the President of Uzbekistan Shavkat Mirziyoyev “On measures to reform and ensure the accelerated development of the insurance market of Uzbekistan” dated August 5, 2019 provides for setting up the agency.

According to the degree, the share of insurance services in the country's GDP should grow by 0.1 percent each year. By 2022, it should double from the current 0.4 percent in 2018 to 0.8 percent. Moreover, the number of insurance services is planned to increase by 1.7 times.

The implementation of the task will be undertaken by the new agency. Until November 30, 2019, it must submit to the Cabinet draft laws on the introduction of mandatory medical insurance mechanisms in Uzbekistan. The pilot project is planned to be implemented in the Syrdarya region starting in 2020, and in general the system should be operational in 2021.

Until January 1, 2020, Uzbekistan plans to develop a draft Strategy for the phased implementation of international standards of capital adequacy and solvency of insurers in insurance activities.

Ministry of Finance stated that, at the beginning of 2019, 30 insurance companies operated in the insurance market of Uzbekistan. Of these, 24 work in the field of general insurance, and six in the field of life insurance.

At the end of 2018, the total collection of insurance premiums by insurance companies of Uzbekistan increased by 76 percent compared to the previous year and reached $189 million.

---

Follow author on Twitter:@vakilovfaxri

Tags:
Latest

Latest