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December 26, 2016



Today insurance companies of Uzbekistan provide a wide range of insurance services bоth in general insurance industry, and in the industry of life insurance. The companies also provide insurance services on voluntary and compulsory types of insurance in accordance with their licenses.

According to the Ministry of Finance of the Republic of Uzbekistan for the first 9 months of 2016, the total volume of insurance premiums on the market amounted to 500.1 billion soums, which is higher than the previous year 35.0%. Voluntary insurance still dominates in the structure of aggregate premiums. The volume of insurance premiums on voluntary insurance types during the period under review increased by 45.0%, to 344.3 billion soums. Premiums on compulsory types of insurance were not as high as expected, amounting to 16.0% and reaching 155.8 billion soums.

As a result, the share of voluntary insurance in insurance premiums increased by 4.9 percentage points having reached 68.8 percent. Accordingly, the share of compulsory insurance in insurance premiums went down and made up 31.2%. The growth in voluntary insurance reflects the growth of business activity of insurance companies on the one hand, and the growth of insurance culture in the country on the other.

Along with the growth in insurance premiums, the reporting period saw an increase in the volume of insurance payments. Being quite a specific indicator, the growth of insurance payments demonstrates the effectiveness and usefulness of insurance services for consumers, and while on the other hand, excessive growth of payments may adversely affect the financial stability of the insurance company. For the period under review, insurance companies of the country made payments worth 94.5 billion soums, representing 31.0% growth compared to same period of the previous year.

As in the structure of premiums, voluntary insurance dominates also in the composition of insurance payments. The payments under voluntary insurance went up by 31.0% and reached 62.0 billion soums.

A significant part of premiums is formed at the expense of the general insurance industry. During the period under review, the volume of premiums on voluntary insurance, collected in the general insurance industry amounted to 307.4 billion soums. While the share of life insurance accounted for 36.0 billion soums. Combined insurance services saw premiums worth 947.2 million soums.

The composition of payments on voluntary insurance is quite different. In the first 9 months of 2016, the general insurance industry saw payments in the amount of 38.4 billion soums, life insurance – 23.7 billion soums and combined insurance services –114.9 million soums. Accordingly, the share of general insurance industry in the total payments on voluntary insurance amounted to 61.7%, the share of life insurance – 38.1% and the share of combined insurance – 0.18%.

As a result, the loss ratio (the ratio of insurance payouts to insurance premiums) under voluntary insurance amounted to 18.1%, which is considered as acceptable relative to market average indicators.

Under general insurance the loss ratio made up 12.5% and for combined insurance – 12.1%.

Following 9 month results, insurance companies collected 155.8 billion soums of premiums under compulsory types of insurance, while the loss ratio made up 20.9%.

Department of financial analysis and rating

Information-Rating Agency SAIPRO