Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan is considering the possibility of revising the insurance tariff for compulsory civil liability insurance of vehicle owners.

The National Agency for Prospective Projects of the Republic of Uzbekistan (NAPP) announced the start of the process of revising insurance tariffs established in 2019.

In recent years, there has been an increase in the number of requests from vehicle owners related to the failure to pay insurance compensation on time and the insufficiency of the maximum payment amount to cover damage.

According to the NAPP analysis, the reason for this is the insufficient amount of the insurance premium, set at 56,000 soums, which does not allow covering the losses of insurance companies, which in turn causes delays in payments. The loss rate in Tashkent in 2023 was 146%.

It is also noted that the insurance amount of 40 million soums does not provide sufficient compensation for the expenses of victims of road accidents.

NAPP plans to determine optimal insurance rates and amounts for vehicle owners and insurance organizations to solve the problem. New rates and sum insured will be determined based on reasonable calculations.