UZBEKISTAN: INGOSSTRAKH: Uzbekistan has great potential for insurance market development

4 April 2019 —
Within the framework of the International Financial and Banking Forum of CIS member states, held in Tashkent March 27-31, INGOSSTRAKH and INGO Uzbekistan (part of the INGO Group) held a press-briefing on the development of Russian-Uzbek insurance relations, the news agency UzReport wrote.

GWP of INGO Uzbekistan increased by 24.5%, to UZS 27.8 billion in 2018, and paid claims rose by 105.5%, to UZS 3.1 billion. The company is one of the leading local insurers in liability insurance, voluntary comprehensive vehicle insurance and property insurance. The company's insurance reserves at the end of 2018 amounted to UZS 27.2 billion (+49%) and assets were UZS 59 billion (+28%).

In 2018, total market GWP reached UZS 1.6 trillion and paid claims were UZS 460.8 billion. Non-life GWP amounted to UZS 1.2 trillion (+54.4%), and life GWP UZS 0.4 trillion.

The participants of the event highlighted the adoption of the 5-year state program for insurance market development as the key. The program is expected to include increased requirements for company capital, a reform of MTPL system, and introduction of new mandatory insurance types.

According to the general director of INGO Uzbekistan, Bakhtiyor GAYBULLAYEV, "the Uzbek insurance market has huge development potential, and our company's policy is aimed at expanding our branch and agent network, product portfolio and improving service quality. We set ambitious goals to increase GWP and strengthen our position in the TOP-8 companies of Uzbekistan, and we intend to achieve them. For that we integrate the best practices of INGO Group into our daily work and also invest in the development of underwriting and claim settlement," he said.

As general director of INGOSSTRAKH, Mikhail VOLKOV, believes, "Uzbekistan, with the fastest growing economy in Central Asia, has a high potential for the insurance market development, and INGOSSTRAKH is focused on planned business expansion in this region. Our company, having a high level of competence in various insurance types, is ready, not only to provide the necessary consulting and methodological support to its subsidiary, but also to contribute to the development of the regional market. Now, INGOSSTRAKH is providing the subsidiary with reinsurance capacity, services in risk assessment, underwriting and, if necessary, taking part in examination of claims. We also plan to invest in staffing INGO Uzbekistan and conducting regular training of personnel on the basis of our educational university. In addition, we are ready to share our experience in MTPL, in particular, by offering expertise of e-MTPL and European Accident Statement, which are already widely used in Russia and can be introduced in Uzbekistan in the near future," he explained.

The event participants also announced the launch of a social project of insurance protection for labor migrants of Uzbekistan in Russia, Kazakhstan, and Kyrgyzstan. Such a policy is to cover the risk of sudden illness and accidents (injuries, burns, incidents at work, etc.), as well as death of insured persons. The liability limit is USD 10 thousand. The project partner is Europe Assistance Company, which provides 24-hour services through a single communications system.

*EUR 1 = UZS 9413.74 (31.12.2018)