UZBEKISTAN: ASIA INSURANCE - 15 years on the non-life insurance market

12 March 2020 — Marina MAGNAVAL
Development and strengthening of the insurance market's position in Uzbekistan is supported by factors such as adoption of the state program for the insurance market development for the next 5 years, entering of new market participants as well as creation of the Agency on the insurance development. Besides, high market potential benefits from the fact that Uzbekistan has the fastest growing economy in Central Asia.

ASIA INSURANCE is included in TOP-10 non-life insurers of Uzbekistan and has a national rating of uzA+ (very high financial reliability). Over the past year, the company opened 8 new branches in the country, which helped to expand its coverage of the population. The insurer concluded new partnership agreements with foreign companies. Together with the international company Remed Assistance, ASIA INSURANCE managed to launch a new type - travel insurance, thus expanding its retail insurance product line.

In parallel with the development of the retail insurance, the insurance culture of the population is increasing, which helps to change the perception of insurance process from mandatory to voluntary. Strict quality control of settlement of insurance claims is one of the priorities of the company. Over the past year alone, more than 800 insurance claims were received for voluntary insurance, and more than 500 claims - for the mandatory. Of that total number, over 900 claims were settled.

An important event last year was the company's participation in the cluster form of the cotton and textile production in terms of crop insurance. In 2019 ASIA INSURANCE concluded cotton crop insurance contracts within the framework of the cotton and textile clusters of UZTEX group of companies, GWP under which reached about UZS 20 billion.

The company noted that 2019 was a successful year. Insurer's voluntary and compulsory total GWP increased by 127.2%. Growth rates of the regional branches exceeded 103.5%. Property insurance also demonstrated an up-trend (+101.54%), which supports stability of the insurance portfolio. Positive dynamics was also observed in the voluntary property insurance, mortgage insurance and motor insurance.

GWP of compulsory types increased by 108.33%. Along with the GWP growth, paid claims increased too (+131.18%). Thanks to the balanced insurance portfolio and reasonable approach to risk assessment, the loss ratio of the insurance portfolio in 2019 reached only 14.25% (vs 13.78% in 2018). The company's insurance reserves amounted to UZS 67.6 billion, assets - to UZS 98.4 billion and total GWP - to UZS 71.99 billion/EUR 6.77 million.

ASIA INSURANCE has stable reinsurance protection on the local and international markets. Among its clients - state and private organizations, embassies, representative offices of international companies, foreign and joint ventures and individuals.

The company was established in 2005 and has been operating on the Uzbek market for 15 years in the voluntary and compulsory insurance, providing services for all insurance classes throughout the Republic.

The company keeps working together with banks on property insurance for individuals by developing innovative insurance products. These products, integrating into the banking sector and adapting to the requirements of banks and lessors, will help ASIA INSURANCE plan insurance costs.



* 1 EUR = 10624.70 Som - UZS (December 31st, 2019)



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