UZBEKISTAN: one of the largest losses in the history of the Uzbek insurance market settled by Uzbekinvest National Export-Import Insurance Company and Malakut Insurance Brokers

21 April 2021 — Marina MAGNAVAL
Uzbekinvest National Export-Import Insurance Company and Malakut Insurance Brokers settled a USD 2.9 million fire loss at a cotton pulp mill in Tashkent region of Uzbekistan, according to Malakut.

The client, GLOBAL KOMSCO DAEWOO, a Korean-owned cotton pulp manufacturer in Uzbekistan, have been continuously buying property insurance with Uzbekinvest during the last several years, with further reinsurance protection placed by Malakut into the Russian and Indian insurance markets.

In June 2020, a fire caused by short circuit broke out in one of the storage facilities. The warehouse and raw material in storage sustained severe damage. Settlement of this sophisticated loss ended successfully in January 2021, when GLOBAL KOMSCO DAEWOO, Uzbekinvest, Malakut, INS Corp, and a panel of reinsurers which included Ingosstrakh, Reso-Garantia, Russian RE and GIC all reached a mutual conclusion on what appears to be so far one of the largest losses in the history of the Uzbek insurance market. The loss has been paid in full to the client.

Mr. Jae-Hyun Park, representative of GLOBAL KOMSCO DAEWOO: "I believe that there are always lessons for us to learn from anything even if it is from an unfortunate incident. On behalf of the company, I would like to express the deepest gratitude for the support and cooperation on the settlement of our incident from the insurers and reinsurers."

Mr. Asatullaev Alisher, Deputy General Director of Uzbekinvest Export-Import Insurance Company JSC: "Uzbekinvest EIIC JSC in cooperation with "Malakut Insurance Brokers" LLC and INS Corp, will continue to provide trustworthy and high-quality insurance coverage to the clients in accordance with international insurance business standards."

Mr. Andrey Runov, Deputy General Manager of Malakut Insurance Brokers LLC: "Malakut has been servicing Korean interests in former USSR countries, and particularly in Uzbekistan, for quite a long time. Although this particular claim assessment has not been easy and consumed quite a bit of time and effort, we are happy we've managed to bring it to a successful conclusion. Claims advocacy has always been a core part of our services, and we in Malakut are committed to delivering it to our clients around the world in a best possible way so that they feel safe and secure by choosing to work with us".

Mr. SH Lee, Managing Director of INS Corp: "INS Corp is dedicated to client services and strong partnerships. With cooperation from GLOBAL KOMSCO DAEWOO and Malakut, our valued partner in Russia, we were able to ensure that the claim settlement process was completed as smoothly as possible".

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