UZBEKISTAN: UZBEKINVEST recognized as the leader of the insurance market in 2021

15 June 2022 — Marina MAGNAVAL
UZBEKINVEST (leader of the local insurance market) became the winner of the Brand of the Year 2021 award in the nomination "Leader of the insurance market of Uzbekistan".

The award was presented to the company at the annual Brand of the Year 2021 award, organized by the Marketing Association of Uzbekistan. The event was held on May 21 at the Hyatt Regency Tashkent hotel, wrote.

Receiving the award "Leader of the insurance market of Uzbekistan" was the result of strategic decisions and consistent work that the company carried out in 2021. At the end of 2021, UZBEKINVEST retained the first place in the national insurance market in terms of GWP collection (UZS 385 billion/EUR 31.49 million), ensuring a 1.5-fold increase y-o-y.

The company over the past three years has become an active, recognized participant in the international insurance market. One of the key achievements of the company in 2021 was development of insurance operations in the international insurance and reinsurance markets. As a result of the company's entry into the Lloyd's international insurance market, at the end of 2021, it ensured gross collection of reinsurance premiums in the amount of USD 20 million, which is three times more than in 2020. According to this indicator, UZBEKINVEST ranks first in the insurance market of Uzbekistan, collecting premiums from inward reinsurance in the amount of USD 15.5 million. At the same time, over the past five years, the share of service exports in the company's insurance portfolio has grown from 0.1% to 43%.

UZBEKINVEST has concluded over 40 agreements and memorandums of cooperation and understanding with one of the world's leading state export credit agencies, including EXIAR (Russia), NEXI (Japan), Sinosure (China), KSure (South Korea), UK Export Finance (UK), Coface (France), SACE (Italy), ICIEC and Export Credit Etihad Credit Insurance (UAE), the press release said.

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