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International

Uzbekistan's insurance sector grows 2.5 times in five years

January 31, 2013 Reprints

Uzbekistan's insurance sector has recorded growth of 2.5 times in market capitalization over the past five years to reach 240 billion Uzbekistan Som ($120 million) in 2011.

Olimjon IKROMOV, president of the Insurance Supervision Inspectorate, said four new insurers were licensed from January 2012, bringing the total number of insurers to 37 from 33 since 2010. The Ministry of Finance has been taking several measures to develop and expand the country's insurance infrastructure. An amendment to the minimum capital requirements for insurers, starting Jul. 01, 2012 until 2015, requires insurers to almost double their capital.

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Uzbekistan's insurance sector grows 2.5 times in five years

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