UZBEKISTAN: In 1H2020 UZBEKINVEST increased its international reinsurance presence by 8 times

19 August 2020 — Marina MAGNAVAL
In the first half of 2020, UZBEKINVEST insurance company increased its presence in the international reinsurance market by 8 times, as Trend reports citing the company.

According to the insurer's information, the above-mentioned increase was supported by its active participation in Lloyd's and other international markets, which allowed to secure commitments on incoming reinsurance in the amount of USD 345 million from January to June 2020. The company expanded its reinsurance geography and operations, and accepted risks from 36 countries.

UZBEKINVEST cooperates with leading companies such as Allianz SE (Germany), Zurich Insurance Group (Switzerland), Tokio Marine & Nichido Fire Insurance Co. Ltd. (Japan), AXA (France), People Insurance Company of China (China), Korean Reinsurance Company (Korea) and others.

The company's investment portfolio increased by 28.6%, gross income - by almost 54% and volume of formed insurance reserves reached USD 29.1 million, net profit doubled thanks to optimization and reduction of expenses. The customer base of UZBEKINVEST increased by 116% to over 328,000 individuals and legal entities.

As Trend noted, the volume of assumed commitments on projects implemented in Uzbekistan by foreign investors from the USA, Japan, Korea, Turkey, Russia, Switzerland, and other countries within the framework of state investment programs amounted to USD 17 billion.

According to the non-life market results for 1Q2020, UZBEKINVEST is the leader in terms of GWP among 28 insurance companies in Uzbekistan, with a market share of almost 14%.

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