Uzbekistan intends to double insurance market share in GDP

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

Turkey sees increase in clothes export to Uzbekistan
Turkey sees increase in clothes export to Uzbekistan
Turkish company to build gas piston power plant in Uzbekistan’s Khorezm region
Turkish company to build gas piston power plant in Uzbekistan’s Khorezm region
Uzbekistan publicizes COVID-19 data for July 29
Uzbekistan publicizes COVID-19 data for July 29
Loading Bars
Latest
Turkmenistan's Dashoguz region preparing for wheat crop sowing
France decreases import of Kazakh-made goods amid COVID-19
Japanese corporation interested in production of ‘green hydrogen’ in Georgia
Azerbaijan inaugurates trade representative office in Israel's Tel Aviv
TotalEnergies to spend 50% of growth investments on renewables, electricity
Turkmenistan boosts import of chemicals from Turkey
Terrorism is the most serious threat to international peace: Rajnath Singh at SCO meet
Indian Navy's new submarines will cost $1 bn each
Antony Blinken, PM Modi Discuss Efforts To Deepen US-India Global Partnership
Few relationships globally more vital than US partnership with India, says Blinken
US Secretary of State expresses gratitude towards India for providing assistance in COVID pandemic
Lending activity in Azerbaijan gradually recovering - Russian expert
Oil prices to retreat to $65-$70/b range in 2022
Turkey sees increase in clothes export to Uzbekistan
Apple's net profit almost doubles in 3Q2021
Global oil demand to surpass 2019 levels in Q4 2022
Turkish Yenisafak online newspaper starts publishing articles of Trend News Agency in English (PHOTO)
Oil market to face deficit in 2021, shift to surplus in 2022
Turkish company to build gas piston power plant in Uzbekistan’s Khorezm region
Turkmenistan's Turkmengas opens tender for turnkey construction of gas chemical plant
Russia organizes another charter flight from Turkmenistan
Winner of tender announced by Azerbaijan's Treasury Agency for repair services disclosed
Cargo movements in Iranian ports up
Azerbaijani oil prices increase
Baku Metro opens tender to purchase aluminum tires, cable lugs
Azerbaijan Army complying with ceasefire in Kalbajar direction - MoD
Iran's Energy Exchange announces products to be on sale July 31
Azerbaijan notes growth in precious metals prices
Shell may need to curtail oil & gas production in Q3
Azerbaijani currency rates for July 29
Co-op of Azerbaijan's Accounts Chamber with WB yields good results
Azerbaijan reveals total volume of mortgage loans issued since 2006
Turnover on payment cards grows in Azerbaijan
Number of payment cards in Azerbaijan continues to grow - Central Bank
ECO Park in Tehran - symbol of common cultural traditions of member states - ambassador
Trial on criminal case of another Armenian sabotage group underway in Baku
Austria to organize trade mission to Azerbaijan
Israeli remote IT management co Atera raises $77m
Airbus raises forecasts after strong first half
US condemns recent escalation of violence along border between Armenia, Azerbaijan
Georgia reveals compensations provided to citizens unemployed due to COVID-19
Six BHOS graduates receive scholarships from German government
Turkey announces company eligible to reserve spot Caspian gas
Non-energy goods - main trade products of Azerbaijan and Russia - ministry
Russian Defense Ministry signs contract on first 10 S-500 air defense systems
Uzbekistan publicizes COVID-19 data for July 29
Kazakhstan’s KazTransOil opens tender for electrical distribution equipment repair
Azerbaijan identifies measures to create green energy zone
Azerbaijan’s Baku Telephone Communications, AZinvest Telecom Technology sign contract
Oil edges higher on inventory drawdowns, Brent tops $75 a barrel
Facebook reports Q2 results with doubled net income
Croatia, Azerbaijan have great potential for co-operation in renewable energy sphere – minister (Interview)
Boeing reports Q2 results with 44 pct revenue increase
Samsung expects strong chip demand to continue in H2 after robust Q2 results
Armenia again violates ceasefire by shelling positions of Azerbaijani army - MoD
Portuguese gov't releases 320 mln euros to help companies recover
Hanwha Life Insurance net more than doubles in Q2
All EU member states committed to building quantum communication infrastructure
WHO reports "sharp" increase in COVID-19 deaths
Canada's building construction prices rise in second quarter
WHO chief says to enhance cooperation with Kuwait
France's new health pass rules to enter into force on Aug. 9
India sends another Oxygen Express to Bangladesh
India To Have Submersibles That Can Carry Scientists To Depth Of 6,000 Metres Into Sea - Minister
Dr Reddy's Says Made-In-India Sputnik V Doses To Be Available From September-October
Indian Astronomers On Team Which Spotted Shortest Gamma-Ray Bursts From Dying Star
Iran, Austria stress judicial, human rights cooperation
Need effective mechanism to address global vaccine inequity - India in UNSC
Harappan city of Dholavira in Kutch among UNESCO’s world heritage sites
Bipartisan group of U.S. senators reportedly agree on infrastructure package
US supports India's emergence as leading global power - State Department
Defence Minister Rajnath Singh begins 3-day visit to Dushanbe to attend SCO meet
Turkey notes substantial growth in car exports to US
Uzbekistan's 1H2021 main exporters revealed
U.S. crude oil inventories decrease last week
Azerbaijani FM talks with US Assistant Secretary of State
Uzbekistan’s Khorezm region accounts for largest share of fish caught
Georgia begins large-scale co-financing program for agricultural mechanization
Turkmenistan, Tajikistan sign protocol of tenth meeting of the intergovernmental commission
Turkey reports 22,291 new COVID-19 cases
Friendship, fruitful partnership between Azerbaijan and Israel - solid foundation for development of relations – Minister
Turkmenistan sees increase in production in agro-industrial sector
Kazakhstan, Uzbekistan get acquainted with "Azerbaijan" RoPax-type ferry vessel
WB notes key factor in supporting Azerbaijan's anti-corruption efforts
Kazakhstan leads in Central Asia by attracting funds to develop water and energy complex
Non-oil sector becoming main revenue source for Azerbaijan - expert
Uzbekistan’s 1H2021 crop production down
Georgia sees increase in peaches export
Georgia shares data on fully vaccinated people
Deposits in Azerbaijani banks increase in 1H2021
Azerbaijan’s PASHA Bank ends 2Q2021 with profit
Liabilities of Azerbaijan's PASHA Bank grow as of 2Q2021
Azerbaijan's PASHA Bank sees increase in assets
Central Bank of Azerbaijan puts short-term notes up for auction
Azerbaijani Finance Ministry puts up mid-term state bonds for new auction
Azerbaijan temporarily limits imports of animal products from Libya
Foreign policy of Azerbaijani president is aimed at victory and dev't
Russian president discusses situation on the Armenian-Azerbaijani border during Security Council meeting
Azerbaijan sees growth in bank deposits in 1H2021
Azerbaijani FM, chair of Pakistani National Assembly discuss regional security issues (PHOTO)
All news