The Uzbek insurance market ended 2012 with a total volume of gross written premiums of UZS 285.9 billion (EUR 109 million), up by 28.9% in national currency, as compared with the similar period of 2011, according to the market data provided by Information-Rating Agency SAIPRO.

Moreover, over the years, the Ministry of Finance, which is the state body authorized to regulate and contribute to the development of the insurance market of the Republic of Uzbekistan, has taken a series of measures aiming to stimulate the development and expansion of the infrastructure in this field. One of these measures refers to the companies' capitalization improvement.

According to SAIPRO, in 2012, 33 insurance companies were active on the market, as well as one reinsurance Company and three insurance brokers. The aggregate amount of the authorized capital of Uzbek insurers exceeded USD 150 million. Also, in accordance with the new legislative requirements regarding the minimum capital of insurers, starting July 1st, 2012 and up until 2015, the insurance companies in Uzbekistan must increase their social capital, almost up to a double amount.

The state became closer to insurance

According to the recently-entered-into-force amendment to the law "On insurance activity", the Uzbek State Insurance Supervision Service acquires the right to participate in several insurance companies' share capital.

According to the prior legislation, the State Insurance Supervision Service employees did not have the right to participate in the statutory funds and management bodies of professional participants on the insurance market nor act as insurance intermediaries.

The amended law stipulates that the specially authorized state body (State Insurance Supervision Service under the Ministry of Finance) and its employees have an exceptional right to participate in the share capital and management bodies of public joint-stock companies UZBEKINVEST, UZAGROSUGURTA and KAFOLAT.