As one of the most dynamically developing markets in the CIS, the insurance market of Uzbekistan again demonstrated high growth results during the past half-year, UzReport.com reported.
Compared to the first half of 2006, the aggregate premium revenues have grown by 58.4% (70.9% in the first quarter). Especially high growth was observed in the segments of voluntary personal and property insurance (aggregate premiums up by 51.3% and 69.1% respectively).
The structure of the aggregate premium revenue has seen the following changes: the share of premiums received for voluntary property insurance has grown by over 5 percentage points; the shares of voluntary personal insurance and liability insurance, as well as mandatory insurance in total premium revenue have decreased slightly. With the increase in the share of voluntary property insurance, the aggregate share of all voluntary insurance types in the pie of aggregate premium revenues has increased to 94.2%.
At this time, of the total of 27 companies holding insurance licenses, 25 continued to perform in the reporting half-year. Two companies are now in the process of self-liquidation.
Nearly all insurance companies operate in the sector of general insurance. Even UzbekInvest Hayot Company that holds life insurance license makes contracts primarily in first and second classes of general insurance.
The absolute leader of the first half-year of 2007 is UzbekInvest Export and Import Insurance Company, which currently controls 28.5% of the Uzbek insurance market. It is followed by UzAgroSugurta, which is behind by over 10 percentage points.
Analysis of the top ten insurance companies with the highest premium revenues showed that market concentration in terms of revenue is relatively high with the first five companies (UzbekInvest, UzAgroSugurta, UVT Inshurans, Kafolat and Standard Insurance Group) earning 76.4% of total market revenues.
Only UzbekInvest, Asia Inshurans, Kapital Sugurta, Alskom and Asko-Vostok increased their market shares. Other companies observed a decline (UzAgroSugurta – down by 5.7%; Kafolat – by 1.9%). Among the non-governmental companies, especially noteworthy positive results have been demonstrated by Asia Inshurans.