UZBEKISTAN: one of the key insurers - INGO-UZBEKISTAN celebrates 10 years of successful operations

31 October 2018 — Marina MAGNAVAL
INGO-UZBEKISTAN, one of the key local insurers, on October 25 celebrated 10 years of successful operations and 15 years of its parent company presence in the Uzbek insurance market.

In 2003 INGOSSTRAKH established its representative office in Uzbekistan. In 2008 INGO-UZBEKISTAN was created. The company is included into INGO group, which consolidates a range of insurance companies in Europe and CIS.

For 9 months this year growth rates of the insurer's GWP reached 35.4% y-o-y. The growth drivers are voluntary property insurance, cargo insurance, vehicle insurance, travel insurance and civil liability insurance. The company has 14 branches, and for 9 months this year GWP in regions increased by 51.7%. Total company's paid claims also went 2.3 times up from January to September.

In terms of charter capital INGO-UZBEKISTAN is among TOP-5 local insurers providing domestic inward reinsurance, the company entered this segment in 2017. Insurance reserves of the company as of September 30, 2018 reached UZS 25.8 billion (+ 50%), assets increased by 32%. Investment portfolio of the company is highly liquid and consists mainly of bank deposits by 99.7% and shares - by 0.3%. The insurer has a national rating at the level of UzA+, forecast positive.

On the Uzbek market INGO-UZBEKISTAN is leading in travel insurance (40% market share), liability insurance (22%), voluntary vehicle insurance (7%) and property insurance (over 3%), wrote UzReport.

EUR 1 = UZS 9492.35 (30.09.2018)

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