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High Ratings by Moody’s

The Executive Committee of the Export-Import Insurance National Company (NEIIC) ‘Uzbekinvest’ summed up the results of activity for 2015. The meeting was attended by heads of territorial branches and subsidiaries.

Last year, the company achieved positive results at improving the quality of insurance services, the revitalization of the regional branches and departments, improving human capacity development of national and international cooperation, studying demand and customer needs.

Insurance cover worth 16.2 trillion soums has been provided in 85 facilities included in the investment program. This is a 127% growth compared to the same period in 2014.

The volume of obligations made by the company under the insurance of export contracts of small businesses and private entrepreneurship was at 219.9 billion soums.

The volume of insurance premiums on compulsory insurance of civil liability of owners of vehicles reached 3.5 billion soums, and the amount of insurance payments - 470 million soums.

The volume of insurance premiums on compulsory insurance of civil liability of the employer amounted to 3.9 billion soums, and insurance payments on them to 2.4 billion soums.

At the end of 2015, the total volume of insurance premiums of the company rose to 79.4 billion soums, the commitments rose to 48.1 trillion soums. During the year, the company paid 12 billion soums of insurance payments, and concluded 127 thousand insurance agreements with legal entities and individuals.

At the meeting special attention was paid to the activities carried out within the framework of the State program ‘Year of attention and care for the senior generation’. In particular, a new product has been developed for the insurance of seniors from accidents named ‘Etibor’, and special measures to support the veterans of war and labor have been implemented in all regions of the country.

In November 2015, the international rating agency Moody's raised the rating of the company from category B1 to Ba3 with a ‘stable’ outlook. According to analysts, the size of the authorized fund of the agency in the equivalent of $ 60 million, the stable growth rates for the collection of premiums and the diversification of its activities, establishing long-term cooperation with clients; high level of capitalization of the insurance portfolio, as well as the desire to expand the territorial network, improving service quality, careful management of underwriting and marketing policies, training and retraining have all contributed towards this positive change. Today, ‘Uzbekinvest’ is the only organization in the financial market of Uzbekistan, that has achieved the highest rating of Moody's.

 

Last year, ‘Uzbekinvest’ has actively introduced modern information and communication technologies. For customers it created the opportunity to purchase insurance products through electronic payment systems over the Internet. For users of one of the most popular types of insurance - mandatory insurance of civil liability of vehicle owners the company introduced SMS-information. This service notifies the customer within five days prior to the expiration of the insurance contract through the SMS-message to a mobile phone.

‘Uzbekinvest’ has opened 14 new insurance branches and the number of regional branches reached 151, of which 14 are territorial branches, and 137 are insurance offices.

At the meeting, ‘Uzbekinvest’ has scheduled activities aimed at further development of the company in 2016, as well as to further improve the efficiency of territorial branches.

 

Information Service

Uzbekinvest

Tel: 120-03-53

site-admin@uzbekinvest.uz

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