In the first quarter of 2017, the aggregate volume of insurance premiums in the market soared 28% and amounted to 208 billion soums. According to the Ministry of Finance, there were 27 insurers operating in the country during the 1st quarter, including 4 operating in the industry of life insurance, while the remaining 23 in the general insurance industry.
In recent years, investors have had increased interest in the industry of life insurance. This is due to the increasing share of companies operating in the sector of life insurance.
During the period under review, the volume of insurance premiums collected by insurers operating in the industry of life insurance amounted to 24.4 billion soums, which exceeds the same indicator for the 1st quarter of 2016 by 93.2%. Accordingly, the share of these companies in the total premiums in the market reached 11.8%, reflecting growth of 4 percentage points compared to same period of the previous year.
Analysis of the composition of the total premiums of the market shows that the highest growth rate is observed in premiums under voluntary types of insurance. Following 1Q results, the volume of premiums under voluntary insurance increased 36% and amounted to 143.5 billion soums. The volume of premiums under compulsory totaled 64.5 billion soums, which exceeds the same indicator of previous year by 14%.
The above-mentioned changes also led to changes in the ratio of voluntary and compulsory insurance in the total premiums. The share of voluntary insurance premiums in the market increased 3.8 percentage points to 69%. The share of compulsory insurance premiums respectively decreased and amounted to 31%.
Department of financial analysis and rating
Information-rating Agency SAIPRO
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