Uzbekistan reveals data of insurance market operations
BAKU, Azerbaijan, May 19
By Ilkin Seyfaddini - Trend:
Currently, 36 insurers operate in the insurance market of Uzbekistan, including 28 in the general insurance industry and eight in life insurance, Trend reports with reference to Insurance Market Development Agency of Uzbekistan.
According to the data of insurance companies, in the first quarter of 2020, the amount of insurance premiums reached 503.1 billion soum ($49.5 million).
Gross authorized capital of insurers made up 782.4 billion soum ($76.9 million, 38 percent growth) and volume of investments in the economy made up 2.8 trillion soum ($275.4 million, 37 percent growth). It was noted that 55 percent of investments were placed in bank deposits, 30 percent in shares and the rest in other securities. The number of valid agreements made up seven million soum ($49.5 million).
In 1Q2020, insurance payments totaling 176.9 billion soum ($17.4 million) were made, including 141.2 billion soum ($13.8 million) for voluntary insurance and 35.8 billion soum ($3.5 million) for compulsory insurance.
In the reporting period, the number of insurance departments reached 1,773. The staff of insurers includes 6,600 employees and 8,900 insurance agents.
Currently, there are 36 insurance companies in the country, which account for 45 percent of the total volume of services in the insurance market, and the rest share belongs to 10 other companies,which shows the insurance market potential is not fully utilized, the message said.
Furthermore, if the contribution to life insurance in other countries reaches 50 percent, in Uzbekistan it is only 16 percent, the agency said.
According to the analysis, there are still a number of problems in this sphere. This is mainly due to the lack of effective communication between insurance companies and the population and , low efficiency of service due to delays in responding to customer requests, the message said.
High geographical concentration of the insurance market is also a problem. The main share of insurance premiums - about 66 percent - falls on Tashkent city and Tashkent region.
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