GWP for some types of insurance such as property insurance and motor insurance demonstrated a growth rate of over 122%. Compulsory insurance decreased to 70% y-o-y.
Along with the GWP increase in 6M2023, the company’s paid claims also increased significantly (143%).
Thanks to the balanced insurance portfolio and a reasonable approach to risk assessment, the loss rate in 2023 amounted to 28.2% for 6 months, while in 2022 for the same period it was at 38.9%. However, considering agricultural risks, the overall loss rate was 35.8% for the first half of 2023.
The number of regional offices reached 32 units this year. At the same time, due to an increase in the share of GWP in the head office, the share of the regional offices in the company’s total premiums decreased to 38%, from 50% for 6 months of 2022.
The company's portfolio has been expanded with new innovative insurance products thanks to the development of specialized IT solutions that are customer-oriented and directly lead to growth in the retail segment. This is also facilitated by online sales available on the company’s official website.
ASIA INSURANCE has a national rating of uzA++ (very high financial reliability). Also, S&P Global Ratings assigned the Company a long-term financial strength rating for obligations in national currency at the level of “B-”. Forecast – “Positive”. The company has stable reinsurance protection in the local and foreign markets, and among the company's clients are public and private organizations, embassies, representative offices of international companies, foreign and joint ventures, and individuals.
The company was registered in 2005 and has been operating on the Uzbekistan market for more than 18 years in non-life segment providing voluntary and compulsory insurance services throughout the Republic in 17 insurance classes.
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