The Insurance Industry in Uzbekistan, Key Trends and Opportunities to 2022

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Date: 31-May-2018
No. of pages: 68
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The Insurance Industry in Uzbekistan, Key Trends and Opportunities to 2022

Summary

Timetric's 'The Insurance Industry in Uzbekistan, Key Trends and Opportunities to 2022' report provides in-depth market analysis, information and insights into the Uzbek insurance industry, including -

- The Uzbek insurance industry's growth prospects by segment and category

- A comprehensive overview of the Uzbek economy and demographics

- Details of the competitive landscape in the Uzbek insurance industry

- The various distribution channels in the Uzbek insurance industry

- Details of regulatory policy applicable to the Uzbek insurance industry

- Analysis of natural hazards in the Uzbek insurance industry.

Synopsis

The report provides detailed analysis of the market trends, drivers and challenges in the Uzbek insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Uzbek economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Key Highlights

Uzbekistan recorded one of the most notable improvements in the World Bank's Doing Business ranking, and in 2018 was included in the global top 10 improvers list.

In April 2017, the Uzbek government issued a decree on measures to further develop the private healthcare sector, with an objective to develop the private health sector and introduce a health insurance system.

In 2017, the Uzbek government implemented construction reforms which made the construction permits procedure easier, which is expected to increase residential construction, and consequently property insurance demand.

Mandatory motor third-party liability insurance, along with a large number of other mandatory liability insurance classes, is expected to drive growth.

The Uzbek general insurance segment experienced consolidation during the review period, while the life insurance segment experienced expansion. Agencies and own sales channels are expected to remain the dominant distribution channels.

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 2013-2017 review period, and projected figures for the 2017-2022 forecast period.

- It offers a detailed analysis of the key segments in the Uzbek insurance industry, with market forecasts to 2022.

- It covers an exhaustive list of parameters, including written premium and claims.

- It analyzes the various distribution channels in Uzbekistan.

- It profiles the top insurance companies in Uzbekistan, and outlines the key regulations affecting them.

Reasons to buy

- Make strategic business decisions using in-depth historic and forecast market data related to the Uzbek insurance industry and each segment and category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Uzbek insurance industry.

- Assess the competitive dynamics in the Uzbek insurance industry.

- Identify the growth opportunities and market dynamics in key segments.

- Gain insights into key regulations governing the Uzbek insurance industry and their impact on companies and the industry's future.

The Insurance Industry in Uzbekistan, Key Trends and Opportunities to 2022

Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Penetration
4.1.4 Gross claims
5 Distribution Channel Outlook
6 Natural and Man-Made Hazards
6.1 Major Natural Hazards
6.2 Exposure
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Uzagrosugurta State Joint Stock Insurance Company - company overview
7.1.2 Uzbekinvest National Export-Import Insurance Company - company overview
7.1.3 Gross Insurance - company overview
7.1.4 Kafolat State Joint Stock Insurance Company - company overview
7.1.5 Uzbekinvest Hayot Subsidiary Insurance Company - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life Insurance
8.3.2 Property Insurance
8.3.3 Motor Insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Employers' liability insurance
8.4.3 Accident insurance to passengers for long-distance public transport
8.4.4 Passenger liability insurance
8.4.5 Commercial carriers' civil liability insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Ministry of Finance
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Definitions and Methodology
9.1 Definitions
9.2 Methodology
10 About Timetric
10.1 Contact Timetric
10.2 About Timetric
10.3 Timetric's Services
10.4 Disclaimer

List of Tables
Table 1: Uzbek Insurance Industry - Key Facts, 2017
Table 2: Uzbek Insurance Industry - Shares of the Leading Insurers (%), 2017
Table 3: Uzbek Insurance Industry - Gross Written Premium (UZS Billion and US$ Million), 2013-2017
Table 4: Uzbek Insurance Industry - Gross Written Premium (UZS Billion and US$ Million), 2017-2022
Table 5: Uzbek Insurance Industry - Density (UZS and US$), 2013-2017
Table 6: Uzbek Insurance Industry - Density (UZS and US$), 2017-2022
Table 7: Uzbek Insurance Industry - Gross Claims (UZS Billion and US$ Million), 2013-2017
Table 8: Uzbek Insurance Industry - Gross Claims (UZS Billion and US$ Million), 2017-2022
Table 9: Uzbek Insurance Industry - Shares of the Leading Insurers (%), 2017
Table 10: Uzagrosugurta State Joint Stock Insurance Company - Key Facts
Table 11: Uzbekinvest National Export-Import Insurance Company - Key Facts
Table 12: Gross Insurance - Key Facts
Table 13: Kafolat State Joint Stock Insurance Company - Key Facts
Table 14: Uzbekinvest Hayot Subsidiary Insurance Company - Key Facts
Table15: Uzbekistan - Insurance Regulatory Framework Key Features
Table 16: Uzbekistan - Life Insurance Regulatory Framework
Table17: Uzbekistan - Property Insurance Regulatory Framework
Table18: Uzbekistan - Motor Insurance Regulatory Framework
Table19: Uzbekistan - Liability Insurance Regulatory Framework
Table20: Uzbekistan - Insurance Tariffs on Compulsory Insurance of Civil Liability of the Carrier
Table21: Uzbekistan - Coefficient Rate for Determination of Successive Year's Premium Rates of Civil Liability of the Carrier
Table22: Uzbekistan - Minimum Authorized Capital of Insurance Companies
Table23: Uzbekistan - Corporate Tax Rates for the Financial Year 2017
Table 24: Insurance Industry Definitions

List of Figures
Figure 1: Uzbek Real GDP (UZS Billion), 2013-2022
Figure 2: Uzbek Exchange Rate (UZS per US$), 2013-2022
Figure 3: Uzbek Consumer Price Inflation (%), 2013-2022
Figure 4: Uzbek Unemployment Rate, 2013-2022
Figure 5: Uzbek Population by Age Group, 2013-2022
Figure 6: Uzbek Insurance Industry - DWP (UZS Billion) by Voluntary and Compulsory Insurance, 2013-2017
Figure 7: Uzbek Insurers' Investment Portfolio, 2016-2017
Figure 8: Uzbek Insurance Industry - Gross Written Premium (UZS Billion), 2013-2022
Figure 9: Uzbek Insurance Industry - Density (UZS), 2013-2022
Figure 10: Uzbek Insurance Industry - Penetration (%), 2013-2017
Figure 11: Uzbek Insurance Industry - Penetration (%), 2017-2022
Figure 12: Uzbek Insurance Industry - Gross Claims (UZS Billion), 2013-2022
Figure 13: Uzbek Insurance Industry - Market Shares of Leading Insurers (%), 2017
Figure 14: Uzbek Insurance Industry -GWP Shares by Region (%), 2017
Figure 15: Uzbek Insurance Industry -Premium and Claims of Top Five Insurers, 2017
Figure 16: Uzbekistan - Insurance Supervision and Control at Various Levels
Figure 17: Uzbekistan - Insurance Regulatory Frameworks for Company Registration and Operation
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