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

25 October 2018 — Marina MAGNAVAL
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.

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