Stay up to date with the latest news
Subscribe to our telegram channel
Finance
18/10/2007
Experts note slowdown in growth of coverage payouts in 3Q 2007
The insurance companies of Uzbekistan paid out some 5.7 billion soums in coverage in January-September this year. This is illustrated by the insurance market analysis for the first three quarters of the year carried out by SAIPRO Company.
In the reporting period, the company’s experts saw a decrease in the growth rate of insurance coverage payouts. It thus dropped 1.7 times compared to growth reported in the third quarter of 2006, and made up 23.8%. An increase in the payouts in the segment of voluntary insurance made up 25.6%, and in obligatory insurance – 12.5%.
Coverage payouts in the insurance market of Uzbekistan (compared to other CIS countries and developed countries) remain quite low, which makes this market an attractive option for the investors.
Thus, in the first nine months of this year, the level of payouts (payouts as a percentage of premiums received) made up 11.6% against 13.4% in the same period of the previous year. At the same time, for voluntary insurance types, this same indicator made up 10.8% (12.4% in 3Q 2006), and for obligatory insurance types – 12.4% (13.7% in 3Q 2006).
The least profitable insurance types are voluntary personal insurance – 15.3% (down from 18.9% in 3Q 2006), and the most profitable are voluntary liability insurance – 1.7% (against 1.9% in 3Q 2006).
If the production insurance coverage payouts are analysed for the first nine months of this year, it can be noted that 75.1% of all coverage payouts were made on the voluntary property insurance contracts, 11.2% - on voluntary personal insurance, 1.3% - on voluntary liability insurance, and 12.4% - on obligatory insurance.
As of 1 October 2007 the number of insurance companies providing insurance services in the domestic market of Uzbekistan equaled 26 (including the Garant Insurance Group established in the third quarter of this year). Of them, 25 companies provide their services in the segment of general (non-life) insurance, and one company – in the segment of life insurance. Also, the market has one reinsurance company and two insurance brokers.
In the reporting period, the company’s experts saw a decrease in the growth rate of insurance coverage payouts. It thus dropped 1.7 times compared to growth reported in the third quarter of 2006, and made up 23.8%. An increase in the payouts in the segment of voluntary insurance made up 25.6%, and in obligatory insurance – 12.5%.
Coverage payouts in the insurance market of Uzbekistan (compared to other CIS countries and developed countries) remain quite low, which makes this market an attractive option for the investors.
Thus, in the first nine months of this year, the level of payouts (payouts as a percentage of premiums received) made up 11.6% against 13.4% in the same period of the previous year. At the same time, for voluntary insurance types, this same indicator made up 10.8% (12.4% in 3Q 2006), and for obligatory insurance types – 12.4% (13.7% in 3Q 2006).
The least profitable insurance types are voluntary personal insurance – 15.3% (down from 18.9% in 3Q 2006), and the most profitable are voluntary liability insurance – 1.7% (against 1.9% in 3Q 2006).
If the production insurance coverage payouts are analysed for the first nine months of this year, it can be noted that 75.1% of all coverage payouts were made on the voluntary property insurance contracts, 11.2% - on voluntary personal insurance, 1.3% - on voluntary liability insurance, and 12.4% - on obligatory insurance.
As of 1 October 2007 the number of insurance companies providing insurance services in the domestic market of Uzbekistan equaled 26 (including the Garant Insurance Group established in the third quarter of this year). Of them, 25 companies provide their services in the segment of general (non-life) insurance, and one company – in the segment of life insurance. Also, the market has one reinsurance company and two insurance brokers.
LATEST NEWS
19/09/2024
Read more »