Rustam Mamedov, General Director, Asia Insurance (Uzbekistan)

7 May 2024 — Daniela GHETU
Rustam Mamedov, General Director, Asia Insurance (Uzbekistan)

XPRIMM: How would you describe the company’s performance over 19 years and the overall development of the insurance market in Uzbekistan?

Rustam MAMEDOV: On April 13, Asia Insurance turned 19 years old! This is an excellent opportunity for us to recap and evaluate the results of the team’s joint work, as well as set new goals and start new projects.

During this time, a lot has changed, not only in insurance, but also in the country. Uzbekistan, as one of the fastest growing economies in Central Asia, has high potential for the development of insurance.

Adoption of a state program for the development of the insurance market, establishment of new insurance companies, creation of the National Agency for Prospective Projects of the Republic of Uzbekistan, the Training Center for Advanced Training of Professional Participants in the Insurance Market - all these stimulate development and strengthening of the insurance market in Uzbekistan as an important element of the country’s economy.

Asia Insurance today is a company with a clear development strategy, which is aimed at improving the quality of services and expanding the insurance product line, maintaining a stable level of capitalization and fulfillment of its obligations. The reliability of the company is confirmed by the ratings received from national and international rating agencies.

Based on the financial results of 2023, the Ahbor-Reyting rating agency confirmed the company’s “Highest” solvency rating at the level of uzA++. The international rating agency S&P Global Ratings has upgraded the company's long-term financial stability rating to "B" with a stable outlook. The report notes such positive factors as long-term operating experience in the general insurance market in the Republic of Uzbekistan, net profit indicators, and an experienced management team.

XPRIMM: How did your company end 2023 in terms of GWP, paid claims and profits? What growth drivers would you note? Has the portfolio of GWP and paid claims changed significantly compared to previous years?

Rustam MAMEDOV: As for the numbers, we can say with confidence that the past year was successful for the company. In voluntary and compulsory insurance, the growth rate was 130.6% compared to 2022.

I can note voluntary property insurance, mortgage insurance, motor insurance, voluntary health insurance and accident insurance, and insurance for traveling abroad.

The timely and complete fulfillment of accepted obligations to its clients under concluded insurance contracts has been and remains one of the company’s highest priorities. Strict quality control of claim settlement is one of them. Over the past year alone, 689 claims for voluntary insurance were received, and 398 claims for compulsory insurance. Of these, 993 claims total were settled.

An analysis of the insurance market and previous results made it possible to improve the company's insurance portfolio, which had a positive impact on the overall financial results and reduced loss ratios for the main insurance types. Thus, the loss ratio of the insurance portfolio in 2023 was 31.5%, while in 2022 it was 48.5%.

There is an increase in reserves and assets. Reserves amounted to UZS 55.3 billion, assets – to UZS 112.5 billion. GWP collection increased to UZS 75.49 billion.

XPRIMM: Were there any difficulties in the company’s work in the domestic and international markets last year?

Rustam MAMEDOV: Not really difficulties, I’d say - the market is changing, the number of insurance companies is growing, competition is increasing. It motivates us to develop and improve the quality of services, introduce innovations into traditional insurance types, study and apply the experience of leading international companies.

One of the priority areas for the company’s development is inward reinsurance, which currently accounts for 4% of the total portfolio. The company tries to implement a strict underwriting policy for inward reinsurance contracts.

Over the past few years, thanks to its reinsurance activities, the company has significantly expanded its contacts with international brokers and operates as a reinsurer in regions such as MENA (Middle East and North Africa), LATAM (Latin America) and others. Participation in international conferences and forums allows us to establish new business partnerships and get acquainted with the experience of leading insurance companies.

XPRIMM: What factors and trends, in your opinion, will influence the company’s development in 2024? Does your company plan to introduce any new products and what results do you expect?

Rustam MAMEDOV: As of today, we identified several priority areas: increasing the charter capital, developing our regional network, expanding the product line for individuals and legal entities, improving the technical base, and introducing innovations into the company's work. Right from the word go, the company has been actively participating in the formation of the country’s insurance market and systematically expanding its activities.

The company employs more than 230 qualified specialists. The head office of the company is in the city of Tashkent, and the Insurance Service Centers, branches and offices of the company provide services throughout the republic. The company's specialists are constantly working to create new programs and insurance products for individuals. Our partners include medical assistance companies (local and international), payment systems, banks, leasing companies, medical institutions, and many others.

The Company has solid experience in working with banks to insure the property of individuals. This year, we also continue to develop new innovative insurance products that, by integrating into the banking sector and adapting to the requirements of banks and lessors, will help, along with the possibility of obtaining loans to expand a business or purchase property, to reduce the risks of unexpected expenses through insurance.

Asia Insurance can provide insurance for any life situation. With us you can protect your property, vehicle, your health, and the health of your family from various risks when going on a trip, as well as if an accident suddenly occurs. Legal entities are also offered a full range of insured risks - insurance of buildings, production, fixed assets, employee health, company fleet, including ships, cargo, sureties, and risks of business interruption. The most suitable insurance solutions are offered for the needs of each company.

Asia Insurance proved itself to be a stable insurer, as well as a reliable partner for its clients. The activities of Asia Insurance have been and remain aimed at expanding horizons, attracting new clients and partners, while actively working with its regular clients, and, of course, studying the interests and requirements of consumers in the insurance market.