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August 28, 2014


August 28, 2014

economy.. 2

Finance Ministry announces clarified data on insurance market for 1H.. 2


Seven Uzbek banks included to Top 200 CIS banks. 2


Real Purchase, Virtual Payment3




Finance Ministry announces clarified data on insurance market for 1H

Ministry of Finance of Uzbekistan published clarified data on market of insurance service market of Uzbekistan for the first half of 2014.

Insurance companies of Uzbekistan collected insurance premiums for 222.366 billion soums in the first half of 2014, which rose by 24.3% compared to the same period of 2013 (178.902 billion soums in 1H 2013) (Currency rates of CB from 28.08.2014   1$= 2348.02 soums).

The volume of insurance premiums, collected on voluntary insurance products, reached 150.973 billion soums in the first half of 2014 (126.201 billion soums in January-June 2013) and mandatory insurance products – 71.393 billion soums (52.701 billion soums). The growth rate made up 19.6% and 35.5% respectively.

At the same time, the volume of collected premiums on mandatory insurance of civil liability of vehicle owners (MICLVO) rose by 35.4% to 42.754 billion soums and on mandatory insurance of civil liability of employers (MICLE) – by 24.2% to 16.027 billion soums.

In the first half of 2014, the insurance company cut insurance payouts by 16.9% year-on-year to 33.456 billion soums. The volume of payouts on voluntary insurance products reached 20.065 billion soums (-35.8%) and on mandatory insurance products – 13.391 billion soums (+49.1%). The payouts on MICLVO hit 5.241 billion soums (+37.2%) and MICLE – 6.249 billion soums (+65.3%).

In the reporting period, number of existing agreements fell by 3.1% to 5.881 million units. Some 3.943 million of them (-8.7%) were signed on voluntary insurance products and 1.938 million units (+10.7%) – on mandatory insurance products. The insurance companies signed 1.776 million on MICLVO products (+11.2%) and 156,561 units on MICLE products (+5%).

The insurance liabilities of the industry rose by 41.9% year-on-year in January-June 2014 and reached 189.479 trillion soums. The liabilities on voluntary insurance products made up 146.496 trillion soums (+41.2%) and mandatory insurance – 42.982 trillion soums (+44.4%). The volume of liabilities on MICLVO was 13.4 trillion soums (+40.2%) and MICLE – 18.771 trillion soums (+38.5%).

Investments of insurance companies of Uzbekistan exceeded 589.779 billion soums (+25.9%), of which deposits were 284.644 billion soums (+36.1%), securities – 234.272 billion soums (+10.9%), loans – 5.883 billion soums (+22.3%), real estate – 24.3 billion soums (+32.4%). At the same time, the companies invested 38.065 billion soums to charter capital of the enterprises (+70.6%).

Aggregate charter capital of insurance companies rose by 18.6% year-on-year to 321.651 billion soums as of the end of the first half of 2014. As of 1 July 2014, there were 34 companies in insurance markets, of which 4 are insurance brokers.

Uzagrosugurta (45.136 billion soums, growth rate – 29.9%), Uzbekinvest (26.259 billion soums, +21.6%), Kafolat (20.042 billion soums, +19%), Alfa Invest (17.588 billion soumms, +14%) and Kapital Sug’urta (13.575 billion soums, +50%) were in Top 5 of companies on the volume of collected insurance premiums in January-June 2014.

Uzagrosugurta (7.194 billion soums, +103.5%), Uzbekinvest (5.859 billion soums, -72.7%) and Uzbekinvest Hayot (4.535 billion soums, +75.1%) were top three companies on the volume of payouts in the first six months of 2014.


Seven Uzbek banks included to Top 200 CIS banks

Seven commercial banks of Uzbekistan were included to the list of the 200 largest banks of the CIS in terms of their assets. The list was published by RIA Rating (Russia).

Rating agency RIA Rating carried out research of the banking sector of CIS and prepared the list of the200 largest banks of the CIS in terms of their assets in the result of 2013.

The agency said it obtained data from open sources –public financial reports of the banks, statistic bulletins and other publications of the central banks of the CIS. RIA Rating publishes the rating for the fourth time.

The rating includes 200 largest banks from 1,300 banks of the CIS states. The rating includes banks of nine countries – Azerbaijan, Georgia, Kazakhstan, Moldova, Russia, Turkmenistan, Uzbekistan and Ukraine. Moldavia and Turkmenistan joined the rating this year. Number of banks in the rating rose from 100 to 200 this year.

The assets growth of the CIS banks slowed down in 2013. Aggregate assets of the banking system of the CIS grew by 8.1% to US$2.2 trillion, while the growth rate was 23.1% in 2012 and 13.8% in 2011. The agency noted that this is connected with weak ruble and some other CIS currencies, as well as low growth rates of the assets of the Russian banks. The agency said that one should not expect double digit growth of the assets in 2014.

Total assets of the 200 largest banks of Uzbekistan made up US$1.82 trillion as of 1 January 2014, according to estimates of RIA Rating. The growth rate rose by US$179 billion or 10.9%. The agency said that share of 200 largest banks was equal to 80.8% at the beginning of 2013, the figure makes up 82.8% at the beginning of 2014.

The agency said that the Uzbek banks won from expansion of the rating from 100 to 200. Last year, the list included only National Bank of Uzbekistan for Foreign Economic Activity (NBU). The rating for 2013 includes seven banks.

The assets of the Uzbek banks rose by 10.8% in 2013 and reached US$19.9 billion as of 1 January 2014.

Largest bank of Uzbekistan, NBU, recorded 7.3% growth of assets in 2013 and reached US$5.1 billion. The bank is on 55th place in the rating.

Uzpromstroybank entered to Top 100 CIS banks, as the assets of the bank grew by 22% to US$3.1 billion as of 1 January 2014. Uzpromstroybank is on 89th place in the rating.

Other banks were placed below Top 100. Asaka Bank was on 188th place with the volume of assets for US$2.06 billion (-3.2%).

Ipoteka Bank held the 155th place in the rating. The bank’s assets rose by 13.4% in 2013 – US$1.3 billion. People’s Bank (Khalq Bank) was on 166th place with the assets at the size of US$1.23 billion (+15.8%).

The assets of Agrobank rose by 15.8% and reached US$1.15 billion. The bank was on 172nd place in the list. Qishloq Qurilish Bank was on 177th place. Its assets exceeded US$1.10 billion, which fell by 15.9% in 2013 compared to 2012.



Real Purchase, Virtual Payment

Uzbekistan is taking measures to increase non-cash payments in its domestic trade. In the first half of the year, the amount of the transactions made through bank cards grew by 40% compared with the same period last year.

In today’s world, more and more countries are coming to the fact that, in addition to the internationally recognized payment systems, it is necessary to create national ones so as to be less dependent on global economic and geopolitical factors. For example, Russia in the next few years plans to invest a significant amount of money in building its own national payment system. Uzbekistan began taking steps in doing a long time ago. Back in 2004, Uzbekistan set up a national processing center. It started it operation with the introduction of the payment system Uzkart. In 2011, the second phase of the development of the national payment system began – a transition from Duet standard platform to EMV supporting so-called ‘on-line cards’.

Currently, there are over 12.4 million plastic payment cards used in the country, with over 149,000 payment terminals installed for them at stores, services businesses, etc. Over 57,500 Uzbek clients used Internet banking and over 363,000 use mobile banking services in the country.

However, experts point out that the increasing use of modern banking services requires regular launch of new banking products. The new edition of the law on electronic commerce developed by the Central Bank provides for the solution of this problem. The new law will undoubtedly serve to increase the number of the non-cash transactions in country and improve the quality of the non-cash payment system. It will also help to reduce the cost of trade between business entities that are located far from each other in Uzbekistan.

(Source: «Uzbekistan Today» newspaper)

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