TOP-10 INSURANCE COMPANIES OCCUPY 76.2% OF UZBEKISTAN’S INSURANCE MARKET
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According to the data of the Ministry of Finance of the Republic of Uzbekistan, following the results of the first quarter of 2017, insurance companies - Uzagrosugurta (16.8%), Uzbekinvest (11.0%) and "Insurance company Kafolat" (9.4%) entered the TOP-3 in terms of insurance premiums in the insurance market. It should be noted that these companies have already established themselves in the market as leading companies and hold their positions for quite a long time.
The fourth and fifth positions are held by "Alfa Invest" (8.6%) and "Alskom" (6.5%). New Life Insurance (3.6%) completes the first ten leaders in terms of collected insurance premiums.
There is also a decrease in the level of concentration in total premiums for the first three, five and ten companies. The concentration level in the market for the first three market leaders decreased from 43.6% to 37.2%. For the first five insurance companies, this indicator totaled 52.3%, which is 3.4 percentage points lower than the previous year. For the first ten companies, this indicator decreased from 78.4% to 76.2%. The shares of insurance companies that are not included in the TOP-10 range from 0.4% to 2.9%.
As was noted above, in connection with a large amount of insurance payments by Uzagrosugurta during 1Q 2017, which have a seasonal nature, the share of this company in total payments reached 56%. Insurance Company Kafolat occupied the second position, whose share in total payments made up 10.1%. The share of other insurance companies in payments is below 8.5%.
At the same time, analysts note that the TOP-10 in terms of insurance payments include 3 insurers engaged in activities in life insurance industry. Due to the specific nature of activities in the life insurance industry, the high level of payments of these companies is natural. Thus, the share of insurance companies operating in the life insurance industry in total payments reached 16.6%, which is rather a significant indicator.
In accordance with the above changes, the level of concentration in total payments has increased. For the first five insurance companies, the concentration level for insurance payments made up 85.1%, and for the first ten companies - 96.2%. The shares of insurance companies that have made insurance payments and are not included in the TOP-10 range from 0.1% to 0.6%.
UzReport
