Spot has reviewed the financial reports of insurance companies in Uzbekistan for the third quarter of 2024.
Some of the insurance companies mentioned in the report had their licenses revoked. A detailed list is provided at the end of the text.
The top performers in terms of profit for the reporting period were:
- Apex Insurance — 281.8 billion sums;
- Kafolat — 94.8 billion sums;
- “Uzbekinvest” — 36.2 billion sums;
- Gross — 18.3 billion sums;
- Hamkor Sug’urta — 18.1 billion sums;
- Imkon Sug’urta — 17.9 billion sums;
- SQB insurance — 16.1 billion sums;
- Alfa Invest — 12.1 billion sums;
- Temiryo’l-Sug'urta — 10.9 billion sums;
- “Uzagrosugurta” — 10 billion sums.
Companies that earned less than 10 billion sums in the third quarter included:
- Asia Insurance — 8.2 billion sums;
- Ingo-Uzbekistan— 7.8 billion sums;
- Universal Sug’urta — 7.5 billion sums;
- Euroasia Insurance — 6.3 billion sums;
- Kafil Sug’urta— 5.8 billion sums;
- Mosaic Insurance Group — 5.7 billion sums;
- Asko-Vostok — 3 billion sums;
- Aria Sig’urta — 2.2 billion sums;
- Alskom — 2.1 billion sums.
Four insurers earned between 1 and 2 billion sums: Kapital Sug’urta, Apex Life Insurance, Xalq Sug’urta and Kafolat Hayot.
Companies that reported revenues of less than 1 billion sums included:
- Global Insurance Group — 912 million sums;
- Trust insurance — 855 million sums;
- Ishonch — 646 million sums;
- Alfa Life Insurance — 525 million sums;
- Inson — 489 million sums;
- Impex Insurance — 205 million sums;
- Semurg Insurance — 105 million sums.
My-Insurance recorded a significant drop in profits: from 12 billion sums in the second quarter to 52 million sums in the third. Farovon Sug'urta managed to exit the negative zone, closing the period with a small profit (10 million sums).
Seven insurance companies reported losses:
- Agros Hayot — 10.9 billion sums;
- Infinity Insurance — 7.4 billion sums;
- New Life — 5.4 billion sums;
- Euroasia Life Insurance — 3.3 billion sums;
- O’zbekinvest Hayot — 2.09 billion sums;
- DD General Insurance — 801 million sums;
- Qulay Insurance — 140 million sums.
Regulation of the Insurance Market
In September 2023, the functions of the insurance market regulator were transferred to NAPP. During this time, the agency revoked the licenses of Unipolis, Farovon Sug’urta, Sharq Sug’urta, Euroasia Life Insurance, Universal Sug’urta, and New Life Insurance.
The insurer Asko-Vostok voluntarily relinquished its license. Additionally, the permits of several other companies were temporarily suspended, such as the license of DD General Insurance, which was halted for six months by court decision in July.
In July, the Competition Committee mandated the insurer Inson to pay insurance compensations to 173 individuals. The agency did not consider the absence of their names in the OSAGO policies as a reason to withhold payments.
Furthermore, the regulator fined several insurance companies. In August, NAPP announced financial sanctions totaling 117.5 million sums against five insurers, including “Uzbekinvest” and “Uzagrosugurta.” In August, the license of the insurance company Neo Insurance was suspended.
The most recent case is the revocation of the license of the insurance company Omad Sug'urta. The organization is still required to fulfill its obligations under previously concluded insurance contracts.
In early February, the first deputy director of NAPP, Vyacheslav Pak, noted that there is a “clear advantage” of some companies over others in the insurance market, adding that the issue is related to compliance with existing requirements and standards. This may hinder an objective assessment of profitability under market conditions, the official emphasized.
Earlier, Spot reported that there are proposals in Uzbekistan to double the OSAGO compensation amount to 80 million sums.