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Home / Business and Innovation / In the First Quarter of 2015 Uzbekinvest Increases...

In the First Quarter of 2015 Uzbekinvest Increases the Collection of Insurance Premiums by 32 Percent

The insurance market has always acted as one of the main barometers of economic development, especially in times of instability. The role of insurance is important because it stimulates the development of business activity, improves the investment climate, and plays a special role in ensuring the social protection of the population. The global financial and economic crisis did not become an obstacle for the forward movement of domestic insurers. This weighty share of success belongs to the leading players in the market - Uzbekinvest National Export-Import Insurance Company.

For 21 years, accumulating sound experience and following the main purpose - providing reliable insurance protection of the interests of domestic exporters and foreign investors, the Uzbekinvest Company has managed to occupy leading positions in the country market. Through its extensive regional network, it provides almost all kinds of traditional insurance services used in the world, which are more than a hundred kinds. This network includes 14 regional branches, and more than 125 insurance offices located in the capital, Karakalpakstan and all regions of the country, as well as about a thousand insurance agents. This ensures the availability and prevalence of services provided throughout the territory of Uzbekistan.

It should be noted that over the past five years, the volume of collected insurance premiums increased by almost three times, and received insurance liabilities - 13 times. Six times was increased the amount of received insurance liabilities in the provision of insurance coverage to small businesses and private entrepreneurship. In turn, insurance claims paid by the company for the past five years have tripled.

In the first quarter of 2015, growth in the collection of insurance liabilities of the Uzbekinvest Company in comparison with the same period of last year amounted to 49% percent, and in the collection of premiums - 32%. Insurance coverage was provided to 32 projects included in the Investment program for 2015, to the sum of 12.2 trillion soums. These figures are not set aside of attention of international analysts. The company is the only in the insurance market of the country, which has an international rating of financial stability at the level of B1 with a ‘stable’ outlook by the rating agency Moody’s Investors Services Ltd.

Electronic payment methods of insurance services are getting actively developed.

“In March, the company completed a project for the implementation and introduction of online insurance on 10 most sought-after kinds. Now everyone can conclude an insurance contract online and pay the insurance premium by electronic payment through one of several payment systems,” said general manager of the department for strategic development, marketing and quality management at Uzbekinvest, Munira Rasulova.

Within the State program ‘Year of Attention and Care for the Senior Generation’, the company has developed a plan, according to which older people are provided special offers to conclude contracts for health and accident insurances.

Speaking about the plans, the company representatives focus at the work on improving the quality of services provided. Uzbekinvest has already done a lot of work for the implementation of quality management system in accordance with international standards. In 2015, a new version of the standard has been released, and the company is planning to implement it.

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