BAKU, Azerbaijan, Nov. 6
By Fakhri Vakilov-Trend:
Uzbekistan has the most dynamic market in the Central Asia (CA) region, having shown in 2018 a record gross world product (GWP) growth of 76,3 percent compared to the previous year, Trend reports citing RAEX-Europe credit rating agency’s report.
The Life insurance sector boosted premiums by three times; however, its ratio of gross claims to GWPs is extremely high at more than 60 percent in comparison with other CA countries, which is connected with the specific characteristics of local life insurance products, read the message.
In 2018, insurers’ investment increased by more than third, but given the weaknesses of the capital market, the portfolios are conservative with more than half in bank’s deposits.
“We expect further development of Uzbekistan’s insurance market supported by the regulator’s initiatives and expanding demand,” RAEX reported.
In addition, the companies face the obligation to gradually increase the minimum authorized capital.
RAEX-Europe is an independent EU Credit Rating Agency, affiliated with the international group RAEX, which has more than 20 years of experience in rating and analytical industry.
The Agency is registered by ESMA (European Securities and Markets Authority) and received ECAI status (External Credit Assessment Institution) in 2015. The head office of the Agency is located in Frankfurt am Main.
RAEX-Europe assigns classic credit ratings according to the international scale as well as non-credit ESG ratings (environmental, social & governance). The Agency also issues the ESG rankings, Green Bond Second Opinions, as well as organizes business events and meetings.
In December 2018, RAEX-Europe signed a memorandum on the preparation and publication of analytical products for the Silk Road countries with leading Chinese rating agency CCXI, Pakistani VIS Group and Islamic rating agency IIRA.
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