UZBEKISTAN: market leader's growth is driven by developing its international re/insurance operations

12 December 2022 —
For 9M2022, the business of the Uzbek insurance market leader UZBEKINVEST increased by 186% compared to the period of 2021, exceeding UZS 447.6 billion (EUR 41.94 million). Over 320 thousand insurance policies for UZS 25.5 trillion were sold, writes with reference to the company's data.

It is noted that the positive dynamics was mainly ensured by the development of insurance operations in the international insurance and reinsurance market. The volume of gross reinsurance premiums amounted to UZS 306.9 billion (USD 27.9 million), which is 2.5 times more than in the same period in 2021. At the same time, the share of export of insurance services in the company's insurance portfolio amounted to 68.6%.

The company has established cooperation in the international insurance market with leading insurance, reinsurance companies and insurance brokers, such as Allianz SE (Germany), Zurich Insurance Group (Switzerland), Tokio Marine & Nichido Fire Insurance Co (Japan), AXA (France), People Insurance Company of China (China), Korean Reinsurance Company (South Korea), Marsh (USA), AON and UIB (UK) and others.

Insurance coverage for national exporters of goods and services amounted to USD 1.52 billion (up 122% y-o-y); premiums in the corporate segment reached UZS 103.9 billion (growth by 129%); premiums in the segment of insurance of individuals - UZS 43.7 billion (growth by 116%). In 9M2022, the company's paid claims amounted to UZS 52.9 billion.

In March 2022, the company's international credit rating was confirmed at BB with a stable outlook from A.M. Best. At the same time, UZBEKINVEST became the owner of the highest rating and the first organization in Uzbekistan to receive an international rating from this agency. On May 21, at the IV annual business Makon Marketing Forum, organized by the Marketing Association of Uzbekistan, UZBEKINVEST was awarded the "Brand of the Year" award, and the company was also awarded the "Insurance Market Leader" nomination.

*1 EUR =10,674.78 UZS (September 30th, 2022)