In 1H2012, insurance companies of Uzbekistan increased premiums by 13.4% compared to the total in June 2011, up to UZS 137.8 billion (EUR 57.8 million), according to the market data provided by Information-Rating Agency SAIPRO. Voluntary insurance accounted for 68% of total underwritings, while almost 60% of GWP was reported in Tashkent, the capital of Uzbekistan. The total amount of insurance payments rose by 75% to UZS 24.5 billion (EUR 10.3 million).

The insurance services play an important role in ensuring the stability of economic processes in the country and social welfare, as well as in stimulating the economy. In this regard, for increasing the public and investors confidence in this service, the Uzbek market authority started a program of gradual enlargement of the market capitalization.

This year, the minimum authorized capital for insurers increased by 1.5 times while for the reinsurance companies by 1.25. Starting the 1st of July, the minimum authorized capital of non-life insurers, is set in an amount equivalent to at least EUR 1.125 million. For life insurers the minimum authorized capital is EUR 1.5 million, while for insurance companies authorized for compulsory insurance lines it was raised to EUR 2.25 million. For reinsurers the minimum authorized capital is set at EUR 5 million.

Before this date, the minimum authorized capitals of the insurance companies were the equivalent of EUR 750,000, EUR 1 million, EUR 1.5 million and EUR 4 million, respectively. The next deadline for increasing the insurers' minimum authorized capital is the 1st of July, 2014. From that date, the minimum authorized capital would be the equivalent of at least EUR 1.5 million, EUR 2 million, EUR 3 million and EUR 6 million respectively.

The insurance market of Uzbekistan is dynamically developing, along with a gradual improvement in competitiveness of the insurance companies. Today, there are 34 non-life insurers, one reinsurance company, two life insurers and three insurance brokers.

Access www.xprimm.com and download the 1H2012 Uzbek insurance market statistics.

Market indicators (in EUR and UZS):

• GWP
• Claims
• Growth rates
• Portfolio
• Top 10 insurers
• Market shares