Uzbekistan
UZBEKISTAN: Universal Sug‘urta ceased insurance activities
The license of Universal Sug‘urta for voluntary non-life insurance was canceled on April 2, the press service of the Uzbekistan's National Agency of Perspective Projects (NAPP) reported, gazeta.uz writes.
17 April 2024UZBEKISTAN: in 2023, the total charter capital of insurance companies increased by 22%
At the end of 2023, the total number of existing insurance contracts in Uzbekistan was about 9.74 million units, and the total number of concluded contracts was 9.13 million units (in 2022: 8.40 million and 7.95 million units, respectively). This indicates a stable pace of development of insurance activities, according to the Ahbor-Reyting rating agency.
17 April 2024UZBEKISTAN: new measures to increase popularity and quality of insurance services
On March 1, 2024, the President of the Republic of Uzbekistan adopted a resolution “On comprehensive measures for the further development of the insurance market”, which introduces several innovations in insurance, the National Agency for Prospective Projects of Uzbekistan reports.
12 March 2024UZBEKISTAN: in 2023, the number of online insurance services of Uzagrosugurta increased from 18 to 26
Since 2023, the number of online insurance services provided by Uzagrosugurta (O‘ZAGROSUG‘URTA), which is among the top 5 insurance companies in Uzbekistan (based on the 1H2023 results), has increased from 18 to 26, gazeta.uz writes.
5 March 2024UZBEKISTAN: from 2016 to 2023, the business of Uzbekinvest increased 12 times
The Uzbekinvest insurance company demonstrated positive development dynamics and ensured sustainable growth in key LoBs in 2023, gazeta.uz writes.
21 February 2024UZBEKISTAN: Insurers invested over UZS 6.2 trillion in the economy in 2023
The total charter capital of insurance companies in Uzbekistan in 2023 exceeded UZS 2.3 trillion (~EUR 0.17 billion) and increased by 22.6% y-o-y, the National Agency for Prospective Projects of Uzbekistan (NAPP) reports on its website.
13 February 2024UZBEKISTAN: The rating of ASIA INSURANCE upgraded to “B” in accordance with the updated criteria of the S&P capital model; forecast is “stable”
On January 25, 2024, the rating agency S&P Global Ratings upgraded the long-term financial stability rating of Asia Insurance Sug’urta Kompaniyasi JSC from “B-” to “B”. The forecast is “stable”.
13 February 2024UZBEKISTAN: Gross recognized as the “Best Non-Life Insurance Company”
Thanks to its significant contribution to the development of the insurance sector in Uzbekistan, Gross received an award at the International Finance Awards, which was held in Dubai. The company became the winner in the “Best Non-Life Insurance Company” nomination, Gazeta.uz reports.
29 January 2024UZBEKISTAN: In 9M2023, UZBEKINVEST’s insurance business doubled
Over the first 9 months of 2023, the leader of the insurance market, Uzbekinvest, achieved a significant increase in its performance, collecting UZS 938.4 billion (~EUR 72.50 million) in premiums, which is 210% more y-o-y, the insurer reports.
12 December 2023UZBEKISTAN: UZBEKINVEST is the first insurance company in Uzbekistan to enter IPO
On November 28, 2023, UZBEKINVEST, the largest insurance company in Uzbekistan, was the first of the local insurance companies to enter initial public offering (IPO) in the amount of 5% (UZS 14.1 billion/~EUR 1.08 million) of the charter capital on the Tashkent Republican Stock Exchange, the insurer said.
5 December 2023UZBEKISTAN: licenses of four insurance companies revoked over the past month
The National Agency of Prospective Projects (NAPP) has revoked licenses of four insurance companies in Uzbekistan over the past month, gazeta.uz writes, citing the Agency.
13 November 2023UZBEKISTAN: ASIA INSURANCE for 6 months of this year recorded growth of over 117.5%
ASIA INSURANCE sug'urta kompaniyasi (a.k.a. ASIA INSURANCE) recorded an increase in GWP of 117.5% in the first 6 months of this year, compared to the same period in 2022, the insurer said in its official press release.
19 October 2023UZBEKISTAN: ASIA INSURANCE for 6 months of this year recorded growth of over 117.5%
ASIA INSURANCE sug'urta kompaniyasi (a.k.a. ASIA INSURANCE) recorded an increase in GWP of 117.5% in the first 6 months of this year, compared to the same period in 2022, the insurer said in its official press release.
12 October 2023UZBEKISTAN: health insurance to be introduced throughout the country by the end of 2026
Health insurance will be fully introduced throughout Uzbekistan by the end of 2026, according to the Presidential Decree.
11 September 2023STATISTICS: UZBEKISTAN, 1H2023: the share of life insurance in total premiums down from 28% to 5%
1H2023 results show that the insurance sector of Uzbekistan saw a significant growth - by 36.34%, reaching UZS 3,778.18 billion (EUR 301.81 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
6 September 2023UZBEKISTAN: Fitch affirms Uzagrosugurta at BB-
Fitch Ratings affirmed the financial strength of Uzagrosugurta and its life insurance subsidiary Agros Hayot at BB- with a Stable outlook, the agency said.
23 August 2023UZBEKISTAN: Fitch affirms Uzagrosugurta at BB-
Fitch Ratings affirmed the financial strength of Uzagrosugurta and its life insurance subsidiary Agros Hayot at BB- with a Stable outlook, the agency said.
22 August 2023STATISTICS: UZBEKISTAN, 1Q2023: voluntary non-life insurance generates over 80% of the market GWP
According to the 1Q2023 results, the insurance sector of Uzbekistan grew by about 29% y-o-y, reaching UZS 1,669.17 billion (EUR 134.42 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
10 August 2023UZBEKISTAN: O'ZBEKINVEST is leading in the market of electronic policies
In the first quarter of 2023, the market leader, O'ZBEKINVEST, retained its leadership in the market for compulsory insurance of civil liability of vehicle owners. At the same time, the client base increased by 26% y-o-y, and GWP amounted to UZS 10 billion (+40%), according to the insurer.
7 June 2023UZBEKISTAN: Semurg Insurance: Uzbek farmers' interest in insurance is growing
On March 25, the second International Conference AgroInsurance 2023 was held in Tashkent, where important issues were raised to ensure stable development of the agro-industrial sector of Uzbekistan, according to a press release on the website of the Ministry of Agriculture of Uzbekistan.
29 March 2023
