Preliminary estimations indicate that in the first three quarters of this year the number of the insurance contracts made by the insurance companies in Uzbekistan slightly exceeded 3 million (to compare 3.1 million contracts were made in the same period last year).

This information was provided in the report on the Uzbek insurance market analysis for the first nine months of this year prepared by the SAIPRO Company’s experts. In particular, they conclude that in the reporting period there was an insignificant decrease in the number of contracts signed (3.3%).

However, a decrease in the number of contracts signed did not have a negative effect on the consolidated premium revenues of the companies. Thus, according to the results of the first three quarters of 2007, the insurance companies earned 49.5 billion soums in insurance premiums (including premiums collected by reinsurance company), which constitutes an increase of 43.4% against the same period of the previous year.

Meanwhile according to the analysts’ calculations the market growth indicator for the first three quarters of this year was the highest over the past five years.

In absolute values, the third quarter of this year saw the highest growth of premium revenues from voluntary personal insurance (up 60% compared to 3Q 2006). Insurance premiums gained for voluntary property insurance increased by 47.5%, those for voluntary personal insurance – by 16.8% and those for obligatory insurance types – by 22.9%.

In the reporting period, 94.3% of all collected premiums were the premiums for voluntary insurance. Correspondingly premiums for obligatory insurance constituted 5.7% of all premiums.

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.