INSURERS COLLECT OVER 27 BILLION SOUMS IN CICL MARKET

The results of the insurance market of Uzbekistan for the 1Q of 2017 show that compulsory insurance of civil liability of vehicle owners (CICLVO) remains one of the most popular types of compulsory insurance. 10 insurance companies were operating in this market during the 1Q of the current year, including: "Uzbekinvest", "Uzagrosugurta", "Kafolat", "Alskom", "Alfa Invest", "Asia Insurance", "Ishonch", "Kapital Sug'urta", "Universal Sug'urta" and "Gross Insurance".

During the first three months of 2017, the above companies collected premiums worth 27.1 billion soums, 20.3% up year-on-year. According to SAIPRO analysts, this growth was mainly secured by the growth of the official rate of dollar established by the Central Bank of Uzbekistan. Since insurance premiums are calculated on the basis of rates set as a percentage of the sum insured under the insurance contract while the insurance sum is established in the amount equivalent to $ 3,000. According to calculations, the average official exchange rate of the U.S. dollar over the 1st quarter of 2017 was higher than the average rate for the 1st quarter of 2016 to 20.0%. Accordingly, the real growth of premiums taking into account exchange rate differences amounted to about 0.3%.

“Jahon” Information Agency

 

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