Turks & Caicos Islands

Axco provides details on the life insurance sector including Uzbekistan's market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Uzbekistan, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Uzbekistan's pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Uzbekistan report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

In 2019 the Uzbekistan life market remained relatively small. The total life premium income including PA and healthcare written by life companies was UZS 586.50bn (USD 66.37mn), representing growth of 40.59% over the prior year in USZ, 28.38% in USD terms. The Uzbek life market has grown significantly in recent years from a very low base particularly since 2010 when the tax incentives for long-term products were introduced. Having said that life insurance penetration in 2019 is still very low at 0.11% of GDP ....

The statutory pension system in Uzbekistan remains fully in the hands of the state although it now formally consists of two pillars:

• pillar I is a pay-as-you-go (PAYG) defined benefit (DB) scheme funded by employer and employee contributions from payroll and corporation tax
• pillar II is a mandatory funded defined contribution (DC) scheme financed by a small contribution withheld from the employee on payroll.

In 1991, immediately after gaining independence, Uzbekistan re-enacted the former ....

Shortly after the new presidency of Shavkat Mirziyoyev Presidential Resolution No PP-2863 On the Measures for Further Private Sector Development of Healthcare was adopted 1 April 2017, outlining various measures to support the development of a private healthcare sector, including tax incentives for a five-year period offered to those willing to create new ventures to help accelerate the market for paid medical services, including for foreign investors. The role of medical insurance is also to be actively implemented as is inbound medical tourism ....