In the first quarter of the current year, Uzbek insurance companies wrote over 19.7 billion soums in premiums, up by 70.9% compared to Q1 2006. Claims paid did not see considerable changes in comparison with the previous year and amounted to over 1.5 billion soums, the State Inspection for Insurance Supervision of the Uzbekistan Ministry of Finance reported early in April.

Gross premiums written increased for the major part due to a threefold growth in A&H and property insurance premiums, the Uzbek supervisor explained.

In January-March 2007, property insurance accounted for 83.9% of gross premium income of Uzbek insurers. Liability insurance generated 5.8% of total premium, A&H insurance – 5.4%, compulsory lines – 5%. The structure of premium underwent some changes in comparison with the same period of 2006. The share of property insurance went up while the share of liability insurance decreased two times. In the first quarter of 2006 property insurance accounted for 76% of gross premiums written, liability insurance generated 10.6%, A&H insurance took 5.4%. The share of compulsory lines was 8%.

Life insurance is still undeveloped in Uzbekistan, with a very small share in total premium income.

In the first quarter of the current year 25 out of 27 licensed insurers carried out insurance operations while the other two (life insurer Sugurta Life and non-life insurer Sugurta Biznes) are currently under liquidation. 24 companies wrote non-life insurance and only one specialised in life insurance.

Top three insurers (Uzbekinvest, Uzagrosugurta and UVT Insurans) accounted for 72.7% of gross premium income. As compared with the same period of the previous year, the Uzbek market became more concentrated. In Q1 2006 three leaders generated 63.6% of total premium written.

As of March 31, 2007, total authorized capital of Uzbekistan-based insurers came to over US$66.8 million and 17.3 billion soums (the authorized capital of some companies is represented partly in local currency and partly in foreign currency). In the first quarter of 2006 total authorized capital amounted to US$63.7 million and 15.7 billion soums.

Over 44% of Uzbekistan-based insurers had authorized capital of over 1 billion soums each (about US$800,000). Authorized capital of 32% of companies totaled from 500 million soums to 1 billion soums each (about US$400,000).

According to the Uzbek supervisor, the number of insurers with authorized capital of less than 500 million soums is gradually going down. In the first quarter of 2007, authorized capital of 24% of companies varied between 100 million soums to 500 million soums each, as compared with 36% in the same period of 2006.

In Q1 2007 average authorized capital of an Uzbek insurance company rose by 110% against January-March 2007 and came to 789 million soums.