Uzbekistan: Market capitalization continues during 2012-2014
In accordance with legislative changes regarding the amendment of the requirements related to the minimum level of share capital of insurers, within three years, starting July 1st, 2012 and until July 1st, 2014, insurance companies in Uzbekistan must increase their share capital as follows:
• for general insurance activity - to EUR 1.125 million, • for life insurance activity - to EUR 1.5 million, • for mandatory insurance activity - to EUR 2.25 million, • for exclusive reinsurance activity - to EUR 5 million.
According to the new regulations, the next step in increasing the share capital starts from July 1st, 2014, as follows:
• for general insurance activity - to EUR 1.5 million, • for life insurance activity - to EUR 2 million, • for mandatory insurance activity - to EUR 3 million, • for exclusive reinsurance activity - to EUR 6 million.
At the end of 2010, in the Republic of Uzbekistan, 33 insurance companies were carrying out their activity, of which two companies on the life segment and 30 insurers on the non-life segment. Also, on the profile market there are three brokerage companies, two actuarial companies and one reinsurance company. Volume of gross written premiums of insurance companies, in 2010, totaled EUR 79.16 million, up 20% compared with 2009 results.
In accordance with legislative changes regarding the amendment of the requirements related to the minimum level of share capital of insurers, within three years, starting July 1st, 2012 and until July 1st, 2014, insurance companies in Uzbekistan must increase their share capital as follows: 