The Insurance Industry in Uzbekistan, Key Trends and Opportunities to 2017

Published: Feb, 2014 | Pages: 149 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Uzbekistan, including:
The Uzbek insurance industry's growth prospects by insurance segments and categories
The competitive landscape in the Uzbek insurance industry
The current trends and drivers of the Uzbek insurance industry
Challenges facing the Uzbek insurance industry
The regulatory framework of the Uzbek insurance industry
A benchmarking section on the Uzbek insurance industry in comparison to other countries in the CIS region

Summary
Uzbekistan's insurance industry is highly competitive. The key factors that affected the Uzbek insurance industry's performance during the review period (2008-2012) included fierce competition in the non-life segment, a rise in claims ratios and an increase in minimum authorized capital requirements. The Uzbek insurance industry recorded a CAGR of 34.3% during the review period, primarily supported by the non-life segment. Voluntary and compulsory insurance classes recorded healthy growth in insurance premiums in 2012. The majority of the insurance business (68.6% in 2012) is generated from Tashkent, the capital of Uzbekistan. The financial crisis and European debt crisis did not have any significant impact on the country's insurance industry during the review period. A stable surplus budget, high levels of official reserves, a secure banking system and prudent borrowing on the international financial markets defended the country from the direct effects of the financial crisis. The projected robust economic growth in Uzbekistan is expected to drive performance of the insurance industry over the forecast period (2013-2017).
Scope
This report provides a comprehensive analysis of the insurance industry in Uzbekistan:
It provides historical values for the Uzbek insurance industry for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key segments and categories in the Uzbek insurance industry, along with forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Uzbekistan, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Uzbek insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Uzbek insurance industry.
Assess the competitive dynamics in the Uzbek insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Uzbek insurance industry and its impact on companies and the industry's future.
Key Highlights
The key factors that affected the Uzbek insurance industry's performance during the review period (2008-2012) included fierce competition in the non-life segment, a rise in claims ratios and an increase in minimum authorized capital requirements.
The government's insurance-related initiatives are expected to generate growth in the industry over the forecast period.
The industry is moderately concentrated and the cumulative share of the five leading insurance companies fell during the review period.
Private insurance companies were dominant in 2012, controlling around 60% of the insurance industry, while the remainder was represented by state-owned companies.
There were 31 non-life insurers, two life insurers and one reinsurer operating in the insurance industry as of 2012.
The insurance regulator increased the minimum authorized capital of insurance companies in July 2012, and has announced plans to further raise the capital requirement in 2014.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regiol Market Dymics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Life Insurance - Regiol Benchmarking
4.1 Scale and Penetration
4.1.1 Total gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration (as a percentage of GDP)
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
5 Non-Life Insurance - Regiol Benchmarking
5.1 Scale and Penetration
5.1.1 Total market gross written premium
5.1.2 Premium per capita
5.1.3 Non-life insurance penetration (as a percentage of GDP)
5.2 Growth
5.2.1 Gross written premium
5.2.2 Gross written premium per capita
5.3 Efficiency and Risk
5.3.1 Loss ratio
5.3.2 Combined ratio
5.3.3 Incurred losses per capita
5.3.4 Incurred losses as a percentage of GDP
6 Persol Accident and Health Insurance - Regiol Benchmarking
6.1 Scale and Penetration
6.1.1 Total market gross written premium
6.1.2 Premium per capita
6.1.3 Persol accident and health insurance penetration (as a percentage of GDP)
6.2 Growth
6.2.1 Gross written premium
6.2.2 Gross written premium per capita
6.3 Efficiency and Risk
6.3.1 Loss ratio
6.3.2 Combined ratio
6.3.3 Incurred losses per capita
6.3.4 Incurred losses as a percentage of GDP
7 Uzbek Insurance Industry Overview
7.1 Uzbek Insurance Industry
7.2 Key Industry Trends and Drivers
7.3 Challenges
7.4 Regulations
8 Industry Segmentation
8.1 Life Insurance
8.2 Non-Life Insurance
8.2.1 Property insurance
8.2.2 Motor insurance
8.2.3 Liability insurance
8.3 Persol Accident and Health Insurance
8.4 Reinsurance
9 Competitive Landscape
9.1 Overview
9.2 Leading Companies
9.2.1 Uzagrosugurta - company overview
9.2.2 Uzbekinvest tiol Export-Import Insurance Company - company overview
9.2.3 Asia Inshurans - company overview
9.2.4 Kafolat JSC - company overview
9.2.5 UVT-Inshurans - company overview
10 Macroeconomic Indicators
10.1 GDP at constant prices (US$)
10.2 GDP per capita at constant prices (US dollar)
10.3 GDP at current prices (US dollar)
10.4 GDP per capita at current prices (US dollar)
10.5 GDP by key segments
10.6 Construction net output at current prices, (US$)
10.7 Construction net output at current prices as a percentage of GDP
10.8 Exports as a percentage of GDP
10.9 Imports as a percentage of GDP
10.1 Labor force
10.11 Total population
11 Appendix
11.1 Methodology
11.2 Contact Timetric
11.3 About Timetric
11.4 Timetric's Services
11.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Uzbek Insurance Overall Written Premium by Segment (UZS Billion), 2008-2012
Table 3: Uzbek Insurance Overall Written Premium by Segment (US$ million), 2008-2012
Table 4: Uzbek Insurance Overall Written Premium by Segment (UZS Billion), 2012-2017
Table 5: Uzbek Insurance Overall Written Premium by Segment (US$ million), 2012-2017
Table 6: Uzbek Insurance Segmentation (Percentage Share), 2008-2017
Table 7: Minimum Authorized Capital of Insurance Companies in Uzbekistan (UZS Billion)
Table 8: Uzbek Life Insurance - Gross Written Premium (UZS Billion), 2008-2012
Table 9: Uzbek Life Insurance- Gross Written Premium (UZS Billion), 2012-2017
Table 10: Uzbek Life Insurance - Paid Claims (UZS Billion), 2008-2012
Table 11: Uzbek Life Insurance - Paid Claims (UZS Billion), 2012-2017
Table 12: Uzbek Life Insurance - Incurred Loss (UZS Billion), 2008-2012
Table 13: Uzbek Life Insurance - Incurred Loss (UZS Billion), 2012-2017
Table 14: Uzbek Life Insurance - Loss Ratio (%), 2008-2012
Table 15: Uzbek Life Insurance - Loss Ratio (%), 2012-2017
Table 16: Uzbek Life Insurance - Combined Ratio (%), 2008-2012
Table 17: Uzbek Life Insurance - Combined Ratio (%), 2012-2017
Table 18: Uzbek Life Insurance - Total Assets (UZS Billion), 2008-2012
Table 19: Uzbek Life Insurance - Total Assets (UZS Billion), 2012-2017
Table 20: Uzbek Life Insurance - Total Investment Income (UZS Billion), 2008-2012
Table 21: Uzbek Life Insurance - Total Investment Income (UZS Billion), 2012-2017
Table 22: Uzbek Life Insurance - Retentions (UZS Billion), 2008-2012
Table 23: Uzbek Life Insurance - Retentions (UZS Billion), 2012-2017
Table 24: Uzbek Non-Life Insurance - Written Premium by Category (UZS Billion), 2008-2012
Table 25: Uzbek Non-Life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 26: Uzbek Non-Life Insurance - Written Premium by Category (UZS Billion), 2012-2017
Table 27: Uzbek Non-Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 28: Uzbek Non-Life Insurance - Paid Claims (UZS Billion), 2008-2012
Table 29: Uzbek Non-Life Insurance - Paid Claims (UZS Billion), 2012-2017
Table 30: Uzbek Non-Life Insurance - Incurred Loss (UZS Billion), 2008-2012
Table 31: Uzbek Non-Life Insurance - Incurred Loss (UZS Billion), 2012-2017
Table 32: Uzbek Non-Life Insurance - Loss Ratio (%), 2008-2012
Table 33: Uzbek Non-Life Insurance - Loss Ratio (%), 2012-2017
Table 34: Uzbek Non-Life Insurance - Combined Ratio (%), 2008-2012
Table 35: Uzbek Non-Life Insurance - Combined Ratio (%), 2012-2017
Table 36: Uzbek Non-Life Insurance - Total Assets (UZS Billion), 2008-2012
Table 37: Uzbek Non-Life Insurance - Total Assets (UZS Billion), 2012-2017
Table 38: Uzbek Non-Life Insurance - Total Investment Income (UZS Billion), 2008-2012
Table 39: Uzbek Non-Life Insurance - Total Investment Income (UZS Billion), 2012-2017
Table 40: Uzbek Non-Life Insurance - Retentions (UZS Billion), 2008-2012
Table 41: Uzbek Non-Life Insurance - Retentions (UZS Billion), 2012-2017
Table 42: Uzbek Property Insurance - Written Premium (UZS Billion), 2008-2012
Table 43: Uzbek Property Insurance - Written Premium (UZS Billion), 2012-2017
Table 44: Uzbek Motor Insurance - Written Premium (UZS Billion), 2008-2012
Table 45: Uzbek Motor Insurance - Written Premium (UZS Billion), 2012-2017
Table 46: Uzbek Liability Insurance - Written Premium (UZS Billion), 2008-2012
Table 47: Uzbek Liability Insurance - Written Premium (UZS Billion), 2012-2017
Table 48: Uzbek Persol Accident and Health Insurance - Gross Written Premium (UZS Billion), 2008-2012
Table 49: Uzbek Persol Accident and Health Insurance- Gross Written Premium (UZS Billion), 2012-2017
Table 50: Uzbek Persol Accident and Health Insurance - Paid Claim (UZS Billion), 2008-2012
Table 51: Uzbek Persol Accident and Health Insurance - Paid Claim (UZS Billion), 2012-2017
Table 52: Uzbek Persol Accident and Health Insurance - Incurred Loss (UZS Billion), 2008-2012
Table 53: Uzbek Persol Accident and Health Insurance - Incurred Loss (UZS Billion), 2012-2017
Table 54: Uzbek Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 55: Uzbek Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 56: Uzbek Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 57: Uzbek Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 58: Uzbek Persol Accident and Health Insurance - Total Assets (UZS Billion), 2008-2012
Table 59: Uzbek Persol Accident and Health Insurance - Total Assets (UZS Billion), 2012-2017
Table 60: Uzbek Persol Accident and Health Insurance - Total Investment Income (UZS Billion), 2008-2012
Table 61: Uzbek Persol Accident and Health Insurance - Total Investment Income (UZS Billion), 2012-2017
Table 62: Uzbek Persol Accident and Health Insurance - Retentions (UZS Billion), 2008-2012
Table 63: Uzbek Persol Accident and Health Insurance - Retentions (UZS Billion), 2012-2017
Table 64: Uzbek Reinsurance Ceded by Insurance Industry (UZS Billion), 2008-2012
Table 65: Uzbek Reinsurance Ceded by Insurance Industry (US$ Million), 2008-2012
Table 66: Uzbek Reinsurance Ceded by Insurance Industry (UZS Billion), 2012-2017
Table 67: Uzbek Reinsurance Ceded by Insurance Industry (US$ Million), 2012-2017
Table 68: Uzbek Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 69: Uzbek Life Insurance - Percentage of Reinsurance Ceded (%),2012-2017
Table 70: Uzbek Non-life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 71: Uzbek Non-life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 72: Uzbek Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 73: Uzbek Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 74: Uzagrosugurta, Main Products
Table 75: Uzbekinvest tiol Export-Import Insurance Company, Main Products
Table 76: Asia Inshurans, Main Products
Table 77: Kafolat JSC, Main Products
Table 78: UVT-Inshurans, Main Products