UZBEKISTAN: for the period from 2016 to 2021, GWP of UZBEKINVEST increased five times

4 April 2022 — Marina MAGNAVAL
According to preliminary data, at the end of 2021, UZBEKINVEST remained the market leader in terms of GWP, having collected UZS 385 billion (EUR 31.49 million*), informed.

The insurer demonstrated positive development dynamics and ensured a steady growth of key business indicators in 2021. In 2021, UZBEKINVEST reached GWP increase by 147% compared to 2020. It is noted that over the period from 2016 to 2021, the company's increased five times.

In the corporate segment, the company's GWP amounted to UZS 336 billion with an increase of 157% compared to the end of 2020. At the same time, in the retail segment GWP amounted to UZS 50 billion.

During 2021, the company's paid claims amounted to UZS 89 billion, which is UZS 19 billion more than in 2020. At the same time, insurance compensation to national exporters amounted to UZS 25 billion.

In 2021, the company provided insurance coverage to national exporters of goods and services in the amount of USD 1.78 billion, which accounted for 33% of coverage of non-commodity exports of Uzbekistan. Also, at the end of the year, the company reached gross collection of reinsurance premiums in the amount of USD 20 million, which is three times more than in 2020.

Over the past five years, the share of service exports in the company's insurance portfolio has increased from 0.1% to 43%, and by the end of 2021 amounted to USD 15.5 million. UZBEKINVEST cooperates with leading international insurance and reinsurance companies and insurance brokers, such as Allianz SE (Germany), Zurich Insurance Group (Switzerland), Tokio Marine & Nichido Fire Insurance Co (Japan), AXA (France), People Insurance Company of China (China), Korean Reinsurance Company (South Korea), Marsh (USA), AON, UIB (UK), etc.

On May 22, 2021, at the third annual business forum Makon Marketing Forum, organized by the Marketing Association of Uzbekistan, UZBEKINVEST was awarded the "Brand of the Year" nomination, and a special nomination "Leader of the insurance market of Uzbekistan" as well.

In February 2021, the company received an international credit rating of "bb" with a stable outlook from A.M. Best. Thus, the insurer became the owner of the highest rating and the first organization in Uzbekistan to receive an international rating from this agency, which was confirmed in March 2022.

Also, in January 2022, Moody's confirmed the company's financial strength rating at Ba3 with a stable outlook.

*EUR 1 = UZS 12224.88 (01.01.2022)

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