Non-Life Insurance Claims and Expenses in Uzbekistan to 2017: Market Databook by Timetric

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									Non-Life Insurance Claims and
Expenses in Uzbekistan to 2017:
Market Databook


Reference Code: IN3003DB
Published: March 2013




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TABLE OF CONTENTS

1         INTRODUCTION .......................................................................................................... 5
    1.1      What is this Report About? .................................................................................................. 5
    1.2      Definitions ........................................................................................................................... 5
2         INDUSTRY ANALYSIS ................................................................................................ 7
    2.1      Gross Claims....................................................................................................................... 7
    2.2      Gross Claims Forecast ........................................................................................................ 8
    2.3      Paid Claims ......................................................................................................................... 9
    2.4      Paid Claims Forecast ........................................................................................................ 10
    2.5      Incurred Loss .................................................................................................................... 11
    2.6      Incurred Loss Forecast...................................................................................................... 12
    2.7      Loss Ratio % ..................................................................................................................... 13
    2.8      Loss Ratio % Forecast ...................................................................................................... 14
    2.9      Combined Ratio % ............................................................................................................ 15
    2.10     Combined Ratio % Forecast.............................................................................................. 16
3         APPENDIX ................................................................................................................. 17
    3.1      Methodology...................................................................................................................... 17
    3.2      Contact Us ........................................................................................................................ 17
    3.3      About Timetric ................................................................................................................... 17
    3.4      Our Services ..................................................................................................................... 17
    3.5      Disclaimer ......................................................................................................................... 19




Non-Life Insurance Claims and Expenses in Uzbekistan to 2017: Market
Databook                                                                                                                                    Page 2

© Timetric. This product is licensed and is not to be photocopied
                                                                                                                          Published: March 2013
LIST OF TABLES

Table 1: Insurance Industry Definitions........................................................................................................... 5
Table 2: Uzbek Non-Life Insurance Claims and Expenses; Gross Claims (US$ Billion), 2008-2012 ................ 7
Table 3: Uzbek Non-Life Insurance Claims and Expenses; Gross Claims (LCU Billion), 2008-2012 ................ 7
Table 4: Uzbek Non-Life Insurance Claims and Expenses; Gross Claims (US$ Billion), 2012-2017 ................ 8
Table 5: Uzbek Non-Life Insurance Claims and Expenses; Gross Claims (LCU Billion), 2012-2017 ................ 8
Table 6: Uzbek Non-Life Insurance Claims and Expenses; Paid Claims (US$ Billion), 2008-2012 .................. 9
Table 7: Uzbek Non-Life Insurance Claims and Expenses; Paid Claims (LCU Billion), 2008-2012 .................. 9
Table 8: Uzbek Non-Life Insurance Claims and Expenses; Paid Claims (US$ Billion), 2012-2017 .................10
Table 9: Uzbek Non-Life Insurance Claims and Expenses; Paid Claims (LCU Billion), 2012-2017 .................10
Table 10: Uzbek Non-Life Insurance Claims and Expenses; Incurred Loss (US$ Billion), 2008-2012 .............11
Table 11: Uzbek Non-Life Insurance Claims and Expenses; Incurred Loss (LCU Billion), 2008-2012 .............11
Table 12: Uzbek Non-Life Insurance Claims and Expenses; Incurred Loss (US$ Billion), 2012-2017 .............12
Table 13: Uzbek Non-Life Insurance Claims and Expenses; Incurred Loss (LCU Billion), 2012-2017 .............12
Table 14: Uzbek Non-Life Insurance Claims and Expenses; Loss Ratio % (Percentage), 2008-2012 .............13
Table 15: Uzbek Non-Life Insurance Claims and Expenses; Loss Ratio % (Percentage ), 2012-2017 ............14
Table 16: Uzbek Non-Life Insurance Claims and Expenses; Combined Ratio % (Percentage), 2008-2012 ....15
Table 17: Uzbek Non-Life Insurance Claims and Expenses; Combined Ratio % (Percentage), 2012-2017 ....16




Non-Life Insurance Claims and Expenses in Uzbekistan to 2017: Market
Databook                                                                                                                                  Page 3

© Timetric. This product is licensed and is not to be photocopied
                                                                                                                         Published: March 2013
LIST OF FIGURES

Figure 1: Uzbek Non-Life Insurance Claims and Expenses; Gross Claims (US$ Billion), 2008-2012 ............... 7
Figure 2: Uzbek Non-Life Insurance Claims and Expenses; Gross Claims (US$ Billion), 2012-2017 ............... 8
Figure 3: Uzbek Non-Life Insurance Claims and Expenses; Paid Claims (US$ Billion), 2008-2012 ................. 9
Figure 4: Uzbek Non-Life Insurance Claims and Expenses; Paid Claims (US$ Billion), 2012-2017 ................10
Figure 5: Uzbek Non-Life Insurance Claims and Expenses; Incurred Loss (US$ Billion), 2008-2012 ..............11
Figure 6: Uzbek Non-Life Insurance Claims and Expenses; Incurred Loss (US$ Billion), 2012-2017 ..............12
Figure 7: Uzbek Non-Life Insurance Claims and Expenses; Loss Ratio % (Percentage), 2008-2012..............13
Figure 8: Uzbek Non-Life Insurance Claims and Expenses; Loss Ratio % (Percentage ) 2012-2017..............14
Figure 9: Uzbek Non-Life Insurance Claims and Expenses; Combined Ratio % (Percentage), 2008-2012 .....15
Figure 10: Uzbek Non-Life Insurance Claims and Expenses; Combined Ratio % (Percentage) ,2012-2017 ...16




Non-Life Insurance Claims and Expenses in Uzbekistan to 2017: Market
Databook                                                                                                 Page 4

© Timetric. This product is licensed and is not to be photocopied
                                                                                           Published: March 2013
1 INTRODUCTION

1.1     What is this Report About?

       This report is the result of extensive research into the non-life insurance market in Uzbekistan,
       providing historic and forecast data on the following non-life insurance claims and expenses segments -

         Gross Claims
         Paid Claims
         Incurred Loss
         Loss Ratio%
         Combined Ratio


1.2     Definitions

       All data is collected in local currency. All conversions into US dollars (US$) of current and forecast data
       are made at the 2012 average annual conversion rate. All values in tables are displayed to one or two
       decimal places.

       For the purposes of this report, the review period is 2008–2012 and the forecast period is 2012–2017.

       The key insurance industry terms covered in the report are defined below:


       Table 1: Insurance Industry Definitions
        Term                    Definition

                                Bancassurance is the partnership between a bank and an insurance company in which the insurance
        Bancassurance
                                company uses the bank sales channel to sell insurance products.

                                Ceding company is the primary insurer which transfers some of its insurance risk by ceding a certain
        Ceding Company
                                portion of its total written premium through an insurance contract.

                                Incurred loss is the sum of claims paid by an insurance company and the change in the provision for
        Incurred Loss
                                outstanding claims, irrespective of whether or not they have been reported.

        Claims Ratio            Claims ratio is claims payable as a percentage of premium income.

                                Commission and Expenses is the sum of acquisition costs and administrative costs. Acquisition cost is a
        Commission and
                                certain percentage of premiums produced that is retained as compensation by insurance agents and
        Expenses
                                brokers.

        Comprehensive loss
                                Comprehensive loss ratio is the ratio of claims incurred and net premium earned.
        ratio

                                Earned premium is the amount of premiums that a company has earned by providing insurance against
        Earned Premium
                                various risks during the year by ceding a certain portion of the written premium to reinsurance.

                                A life insurance scheme in which the term of the policy is defined for a specified period such as 15, 25
        Endowment Policy        or 30 years. The insurer pays the claim to the family of the assured in an event of their death within the
                                policy's term or in an event of the assured surviving the policy's term.
                                Facultative reinsurance is an arrangement of separate reinsurance for each risk that the primary insurer
        Facultative
                                underwrites. The reinsurer can accept or reject any risk presented by the primary insurer seeking
        Reinsurance
                                reinsurance.

                                Gross claim is the amount payable by an insurance company before allowances is made for credits that
        Gross Claim
                                may be due in the form of reinsurance, subrogation or salvage.




Non-Life Insurance Claims and Expenses in Uzbekistan to 2017: Market
Databook                                                                                                                        Page 5

© Timetric. This product is licensed and is not to be photocopied
                                                                                                                Published: March 2013
       Table 1: Insurance Industry Definitions
        Term                       Definition

        Gross Written              The total amount of premiums (before deduction of reinsurance costs) customers are required to pay for
        Premium                    insurance policies written during the year.

                                   Group annuity is a life insurance scheme providing annuities at retirement to a group of people under a
        Group Annuity
                                   single contract. It is usually bought by an employer for the benefit of employees.

        Insurance Density and
                                   Insurance density is the percentage of total written premium to the GDP of a country.
        Penetration

                                   Insurance fraud is any act committed with the intent to obtain payment from an insurer through
        Insurance fraud
                                   fraudulent means.


        Lapsed Policy              Lapsed policy is a policy which is terminated due to the non-payment of the premium.


                                   The loss ratio is the ratio of total losses paid out in the form of claims plus adjustment expenses divided
        Loss Ratio%
                                   by the total earned premium.


        Liability Insurance        Liability insurance is a type of insurance that covers legal claims against the insured.


        Loss Reserve               Loss reserve is the estimated claims incurred but not yet settled.


                                   Maturity claim is the payment made to a policy holder at the end of the stipulated term of a term life
        Maturity Claim
                                   insurance policy.

                                  
								
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