Uzbekinvest shared its report for the first half of the year

Version for Printing

In the first half of 2020, Uzbekinvest increased its presence in the international reinsurance market eight times.

Despite the restrictions associated with the coronavirus pandemic, the Uzbekinvest export-import insurance company showed positive dynamics in the first half of 2020, ensured a steady growth in key performance indicators and retained one of the leading positions.

The company's active participation in the Lloyd’s market and other international markets made it possible to ensure acceptance of inward reinsurance obligations for USD 345 million, which is eight times more than in the same period in 2019.

A cardinal expansion of reinsurance operations and geography of reinsurance was achieved, 279 contracts were concluded and risks were accepted from 36 countries of the world.

In this direction, the company cooperates with transnational insurance and reinsurance companies: 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 (Korea) and others.

In the first half of 2020, national exporters were provided with insurance coverage for the export of their goods and services to foreign countries in the amount of $ 712.5 million, an increase of 278% over the same period last year.

The amount of insurance liabilities assumed under concluded contracts amounted to 27.7 trillion soums, which is equivalent to 2.7 billion dollars.

Active work with the population made it possible to ensure the collection of insurance premiums in the amount of 19.5 billion soums with an increase of 107% over the same period last year.

Regional divisions collected insurance premiums in the amount of 52.2 billion soums with an increase of 118% over the same period in 2019. At the same time, the insurance departments of the district level, mainly located in rural areas, collected insurance premiums in the amount of 35.8 billion soums with an increase of 124%.

Active insurance activities with organizations in the corporate sector made it possible to collect insurance premiums in the amount of 94.4 billion soums.

The company's client base increased by 116% and amounted to more than 328 thousand individuals and legal entities.

In the first half of the year, the amount of insurance payments increased sharply. More than 18.4 billion soums were paid for 7.5 thousand claims, with an increase of 2.3 times compared to the corresponding period of last year. At the same time, a significant share of insurance payments fell on reimbursement to enterprises and the population of the regions affected by the gale wind and the breakthrough of the reservoir in the Bukhara region and Sardoba region.

As a result of active international insurance activities, the volume of obligations assumed on projects implemented in Uzbekistan by foreign investors within the framework of state investment programs amounted to $ 17 billion.

The company's investment portfolio increased by 128.6%, gross revenues increased by 153.7%. The volume of formed insurance reserves of the company amounted to 298.3 billion soums. By optimizing and reducing the company's expenses by 10.6 billion soums, the net profit doubled to 4.5 billion soums.

In 2020, the Insurance School was opened and is successfully operating. It helps to ensure the full implementation of training processes and professional development of workers from regions, cities and regions of the republic. As part of the school's activities, webinars are regularly organized for more than 680 employees and insurance agents.

As part of the implementation of the decree of the President of Uzbekistan dated August 2, 2019 No.PP-4412, the company identified further goals and objectives for the development and growth of export insurance services, the development and implementation of innovative insurance products, the popularization of online insurance and the provision of reliable insurance protection of personal and property interests policyholders.