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Top-10 insurance companies of Uzbekistan have 76,4% market share

Most of insurance companies were able to achieve significant positive results in terms of insurance premiums volume in 2017. Positive results in terms of insurance premiums volume were achieved by 23 of 27 companies.
Top-10 insurance companies of Uzbekistan have 76,4% market share

Most of insurance companies were able to achieve significant positive results in terms of insurance premiums volume in 2017. Positive results in terms of insurance premiums volume were achieved by 23 of 27 companies. According to the information of the Ministry of Finance of the Republic of Uzbekistan, there was a change in the list of the first three leaders of the market under the results of 2017.

Gross Insurance LLC became one of the three leaders instead of Kafolat Insurance Company JSC. As a result, Uzagrosugurta JSC (14.5%) and Uzbekinvest NKEIS (14.1%) took the first and second positions in the market. The third position was taken by Gross Insurance LLC with a market share of 8.8%. The fourth and fifth positions were taken by Kafolat Insurance Company JSC (8.7%) and O'zbekinvest Hayot LLC (6.8%). The last company of the Top-10 leaders in terms of insurance premiums collected is Euroasia Insuranc IC JV LLC with a market share of 3.3%.

TOP-10 IN TERMS OF INSURANCE PREMIUMS

No.

Insurance company name

 Insurance premiums 

(UZS mln)

 Change,

 Market share,

1

Uzagrossugurta JSC

134 295,3

94,1

14,5

2

Uzbekinvest NKEIS

130 832,1

125,9

14,1

3

Gross Insurance LLC

81 269,5

220,4

8,8

4

Kafolat Insurance Company JSC

80 344,1

106,7

8,7

5

O’zbekinvest Hayot LLC

63 517,4

176,6

6,8

6

Alfa Invest JV LLC

61 905,7

160,3

6,7

7

Alskom JSC

46 070,9

118,6

5,0

8

New Life Insurance LLC

44 677,5

274,8

4,8

9

Asia Inshurans LLC

35 247,6

108,6

3,8

10

Euroasia Insurance IC JV LLC

30 608,1

196,8

3,3

 

 

Concentration level in the market regarding the first three market leaders was 37.3%. This indicator is 52.9% for the first five insurance companies in the list, and 76.4% - for the first ten companies. Market share of insurance companies not included in the TOP-10 list is 0.4% - 3.0%.

The market is more concentrated in terms of insurance benefit payments relative to insurance premiums. For example, according to the results of 2017, the market share of the first three companies in the list in terms of insurance benefits volume was 57.7% and composition of these three companies was different from that of the leaders in terms of insurance premiums volume. So, following the results of 2017, Uzagrosugurta JSC (34.5%), O'zbekinvest Hayot IC DHO (13.9%) and New Life Insurance LLC (9.2%) entered the top three in terms of insurance benefits payment. Presence of companies performing activities in the life insurance sector in the top-three leaders in terms of benefit payments was due to the specifics of their activities, as the growth of portfolio in terms of accumulative types of insurance leads to an increase in the payout ratio.

In this regard, it is not quite correct to compare the amounts of benefit payments by companies operating in the life insurance sector and in the general insurance sector. It is more logical to compare the volume of benefit payments of companies operating in the same insurance sector.

TOP-10 IN TERMS OF INSURANCE BENEFITS PAYMENTS

No.

Insurance company name

Insurance benefits

(UZS mln)

Change, %

Market share, %

1

Uzagrossugurta JSC

93 251,5

317,0

34,5

2

O’zbekinvest Hayot LLC

37 616,0

185,0

13,9

3

New Life Insurance LLC

24 965,1

224,6

9,2

4

Kafolat Insurance Company JSC

23 895,7

137,2

8,9

5

Uzbekinvest NKEIS

20 311,6

135,3

7,5

6

Аlfa Life JV DHO

12 428,0

382,8

4,6

7

Gross Insurance LLC

11 405,2

628,9

4,2

8

Alskom JSC

11 307,6

241,2

4,2

9

Alfa Invest JV LLC

7 128,9

153,1

2,6

10

Кapital Sug’urta JSC

6 349,6

109,5

2,4

 

 

Based upon the above mentioned opinion, it can be noted that margin of the leader in terms of insurance premiums in the market – Uzagrosugurta JSC (34.5%) - from the following company - Kafolat Insurance company JSC - is very significant and is 25.7 percentage points, while the share of the company itself in total benefit payments is 8.9%.

Concentration level in terms of insurance benefits payments of first five insurance companies in the list is 74.1%, and 92.1% - for the first ten companies. The market share of insurance companies, which have made insurance benefits payments, but are not included into the TOP-10, is 0.05% -1.8%.

Source: https://uzreport.news/insurance/top-10-strahovih-kompaniy-uzbekistana-zanimayut-76-4-rinka

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