UZBEKISTAN: ASIA Insurance posted an increase of over 120% on main insurance segments for the first 9 months of the year

ASIA Insurance, one of the leaders in the Uzbek insurance market, posted a 120.5% increase in premiums in the first 9 months of this year, in comparison to the same period from 2017, according to a recent press release from the insurer.

Also, important growth rates were achieved in the property segment and the motor insurance lines (+180%). At the same time, the volume of premiums for mandatory insurance lines saw an increase by 118% in comparison to 2017.

On the other hand, the upswing in premium production led to an increase of the claims paid accordingly, by more than 130.8% y-o-y.

Due to a balanced insurance portfolio and a conservative approach towards risk assessment, the claims ratio of the insurer stood at 17.5%, in comparison to 19.1% in the same period of the previous year.

ASIA Insurance has also expanded its territorial network, reaching 22 units this year. The share of the regional branches in total company's GWP amounted to 41%, while the growth rate in the regional branches reached 167%. The portfolio of the company has also been developed, with new innovative products thanks to specialized IT-solutions, which focus on client services and ultimately lead to increasing sales in retail segments.

ASIA Insurance is among the TOP-10 Uzbek insurers and has a national rating at the level uzA+ (very high financial reliability). The company has stable reinsurance coverage on the local and international markets, among its clients being state and private companies, embassies, representatives of international organizations, foreign and joint enterprises and individuals.

The company was established in 2005 and has been working in the Uzbek insurance market for more than 13 years in P/C in both voluntary and mandatory segments, providing services within the whole territory of the Republic with 17 insurance classes.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

UZBEKISTAN: Premium of GROSS INSURANCE went up by 144.3% y-o-y

Premiums of GROSS INSURANCE for the first half of 2018 exceeded UZS 78.5 billion*, which is 144.3% more than a year ago. Among 27 local insurers, GROSS INSURANCE ranks 3rd in terms of generated premiums, as data of the Ministry of Finance of Uzbekistan show.



MetLife named its EMEA head as CEO of Japan unit

MetLife announced that Eric CLURFAIN, currently Executive Vice President and Head of EMEA, has been named Chairman, President and CEO of MetLife Japan - the company's second largest market globally and its largest retail life insurance business, effective Feb. 1, 2019, following approvals.


American International Group appoints new CFO

American International Group announced that it has appointed Mark LYONS to the role of Executive Vice President & Chief Financial Officer (CFO). He succeeds Sid SANKARAN, who will remain at AIG in an advisory capacity through the year-end reporting process for fiscal year 2018.


Wolfgang STOCKMEYER appointed as VIG's BTA Baltic new Board Chairman

Wolfgang STOCKMEYER (49) has been appointed, on 30 November 2018, Chairman of the VIG's subsidiary BTA Baltic Management Board, as part of a series of changes in the composition of its Management Board operated by the main player of Austrian Group in the Baltic region.



Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.


IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.


See all