UZBEKISTAN: in 2020 UZBEKINVEST retained its leading position, Gross Insurance became one of the largest insurers with 58% increase in paid claims

30 March 2021 — Marina MAGNAVAL
At the end of 2020, UZBEKINVEST retained its leading position in the insurance market of Uzbekistan. According to the Ministry of Finance, the insurer's GWP for 2020 amounted to UZS 262 billion (~EUR 20.49 million*), the client base grew by 38%, writes.

According to the company, the GWP growth last year was supported by such LoBs as comprehensive insurance of exporters, investment projects, small and medium-sized businesses, subjects of free economic and industrial zones, as well as liability of vehicle owners.

In 2020, the company stepped up its activities in the international reinsurance markets - GWP volume of this business increased to UZS 95 billion, which is 13 times more y-o-y. As a result, the share of international insurance in the company's portfolio increased from 3% to 37%.

Paid claims of UZBEKINVEST in 2020 amounted to UZS 69.9 billion, having increased 2.8 times y-o-y. This is primarily due to payments to victims of man-made and natural disasters, as well as due to sharply increased payments to the population for insurance against COVID-19. Payments of the company's taxes to the budget last year amounted to UZS 19.9 billion, which is 6 times more than in 2019. However, despite the large increase in tax and insurance payments, the company's assets in 2020 increased by 15.4%, and net profit increased by 25% y-o-y.

For 2021, UZBEKINVEST's priorities are to increase the client base in rural areas, improve the quality and availability of insurance services by introducing modern information technologies, remote and online communications with clients, as well as expanding cooperation with foreign partners in the international insurance markets and increasing the export of insurance services.

Also, at the end of 2020, Gross Insurance recorded an increase in paid claims, which increased by 58% y-o-y to UZS 49 billion. According to the Ministry of Finance, in 2020 Gross Insurance became one of the largest insurance companies in the local insurance market.

Most of all, in 2020, the company paid for compulsory and voluntary insurance of vehicles - UZS 10.3 billion and UZS 4.4 billion, respectively. Travel insurance accounted for UZS 1.5 billion of paid claims, another UZS 10.2 billion the company paid for voluntary health insurance, UZS 181 million - for insurance against accidents, and UZS 1.3 billion - for property insurance.

Gross Insurance, despite the large volume of tax and insurance payments, is actively investing in the development of various sectors of the economy - the company's investments increased by UZS 10 billion. Also, Gross Insurance is actively developing its branch network in all regions of Uzbekistan and at the moment the company has 126 branches. In 2021, the company continues to work on new projects, increasing the client base and the level of service.

* at the following exchange rate:

1 EUR =12786.03 UZS (December 31st, 2020)

Share |