uzbekistan insurance and reinsurance market: trends and dynamics

UZBEKISTAN INSURANCE AND REINSURANCE

MARKET: trends and dynamics

Dilshod SultanovDirector of Department of financial analysis and rating

UZBEKISTAN (RE)INSURANCE MARKET: trends and dynamics

Territory: 3 994 300 sq. kilometers

Population, including:

63,8 million

Kazakhstan 16,4 million

Kyrgyzstan 5,4 million

Tajikistan 7,5 million

Turkmenistan 6,0 million

Uzbekistan 28,5 million

Central Asian region

2006 2007 2008 2009 2010

7.5%9.5% 9.0% 8.1% 8.5%

Dynamics of GDP growth rates of Uzbekistan


Professional participants of the insurance market of Uzbekistan

Insurers(34)

Assistance companies

(4)

Actuarial organizations

(2)

Adjuster and surveyors

(4)

Insurance Brokers

(3)



2006 2007 2008 2009 2010 0

20

40

60

80

100

120

140

160

180

0

0.02

0.04

0.06

0.08

0.1

0.12

0.14

0.16

0.18

0.2

41.059.0 65.0

101.0112.0

5.6 6.8 11.1 13.7 17.5

13.9%11.8% 17.6% 14.2%

15.8%

Dynamics of insurance premiums, payouts and payouts rate (million USD)

Insurance premiums (million USD)Insurance payouts (million USD)Payouts rate (%)

2006 2007 2008 2009 20107.5% 9.4% 11.4% 14.2% 10.1%

73.9% 75.1% 67.6%49.8% 57.3%

13.0% 10.6% 12.6%

10.2% 4.2%

5.6% 4.8% 8.4%25.8% 28.4%

Dynamics of the shares of branches in Uzbek insurance market

Compulsory insurance

Liability insurance

Property insurance

Personal insurance


2006 2007 2008 2009 2010

4.7 6.1 5.0 6.0 5.5

19.430.0 26.1

32.441.2

Dynamics of outward and inword reinsurance premiums in Uzbekistan (billion soums)

Received reinsurance premiumsTransferred reinsurance premiums


2006 2007 2008 2009 2010

39.0% 40.8%

28.5%22.7% 23.5%

9.4% 8.3% 5.7% 4.2% 3.1%

Dynamics of shares of outward and inward reinsurance premiums in gross premiums

Share of transferred reinsurance premiums in gross premiumsShare of received reinsurance premiums in gross premiums


Transferred reinsurance premiums

Received reinsurance premiums

Abroad; 82.66%

Abroad; 26.90%

Local; 16,4%

Local; 68,3%

Proportions of reinsurance premiums by abroad and local market (2010)


Great Britain41%

Russia23%

Germany14%

Ukraine5%

France3%

Malaysia2%USA

2%Others10%

Distribution of outward reinsurance pre-miums transferred to abroad (2010)


FACTORS PROVIDING DEVELOPMENT OF INSURANCE IN UZBEKISTAN:- high growth rates of GDP and macroeconomic stability;

- Great attention of the government to the development of insurance;

- Favorable conditions for the development of the insurance market.


Program on the development of insurance market and further expansion of the activity of insurance companies for 2011-2015:- further improvement of insurance legislation in accordance with

modern conditions; - increase of capitalization and capacity of insurance companies; - implementation of measures on speeded-up development of life

insurance; - development of the infrastructure of insurance market and

improvement of the quality of insurance services


BRANCHES Minimal size (current) By 2015

Non-life insurance 750,0 1 500,0Life insurance 1 000,0 2 000,0Compulsory insurance 1 500,0 3 000,0Reinsurance 4 000,0 6 000,0

Minimal sizes of insurer’s charter capital established in Uzbekistan

(thousand EURO)


FAVORABLE CONDITIONS FOR THE DEVELOPMENT OF INSURANCE MARKET:

- Granting tax exemptions for insurance companies; - Granting tax exemptions for insurants;

- Granting tax exemptions for shareholders of insurance companies.


April, 2012

THANK YOU FOR YOUR ATTENTON !


uzbekistan insurance and reinsurance market: trends and dynamics

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