UZBEKISTAN: an Uzbek national import-export insurance company was assigned the highest national rating

22 August 2018 —
Based on 2017 results, the Uzbek national rating agency SAIPRO assigned the national import-export insurance company UZBEKINVEST a rating of "uzA++" (Excellent financial reliability), as reported by the insurer.

In 2017 the company kept a high growth rate of GWP (almost by 26%). The growth trend also pushed an increase in the company's insurance liabilities (+23%). Last year's paid claims' growth rate exceeded the premium growth rate, amounting to 35.3%. As a result, the loss ratio reached 9.4% according to company data.

However, in 2017 the company's assets jumped by 220%, quantitative figures of the insurance portfolio improved and the level of diversification remained high. The company is the market leader in terms of assets and equity capital. The main sources of asset growth in 2017 were increases in equity capital and insurance reserves. Investment activity is the company's second key business after insurance. In 2017, total investment increased by 234%.

Thus the stable financial situation of the insurer, significant solvency reserves according to the regulator's requirements, as well as leading market positions are the main factors for the assigned rating.