Head of department of direct investments Ingosstrakh Sergei Zotov said that the Russian company opened its representative office in 2003. He said that the company attracted risks of local companies to reinsurance. He said that in that period it collected US$1 million of risks for reinsurance.

Sergei Zotov said that later decision on opening of subsidiary was adopted.

In April 2008, OJC InVest-Polis (subsidiary of the Ingosstrakh Insurance Company) acquired 76% of the authorized capital shares of the JV LTD Insurance Company Standard Insurance Group to implement the scoping up strategy of Company’s presence in the perspective CIS insurance markets.

On 3 September, 2008 the Company was renamed into the INGO-UZBEKISTAN Insurance Company. During a relatively short period of time, the Company managed to arrange the network of its branches in all regions of the Republic. Later, its ownership was increased up to 90%. Bukhara Refinary (5%) and Uzbekistan Havo Yollari (5%) are other founders of the company.

The Company has been licensed by the Ministry of Finance of the Republic of Uzbekistan for the operation in the field of general insurance in the obligatory/compulsory and voluntary forms by 14 categories. Within such operation, INGO-Uzbekistan attaches special priority to rendering general insurance services (personal insurance, property insurance, and other non-life types of insurance). Company’s stated Charter Capital makes up 3.492 million.

INGO-Uzbekistan currently holds strong positions in insurance market of Uzbekistan and is a leader of insurance of travellers (40% of market) and is one of leaders in voluntary medical insurance (22% of the market), voluntary complex transport vehicles (7%) and property insurance (3%).

Director of INGO-Uzbekistan Rustam Turaev said that in last five years recorded growth of financial figures, insurance portfolio and clientele base. He said that INGO-Uzbekistan became dynamically developing insurance company with diversified and balanced insurance portfolio, which include protection of interests of legal entities and individuals. He said that INGO-Uzbekistan posted 47.9% growth of collected of insurance premiums in 2012 compared to 2011 and the growth rate made up 76.5% in nine months of 2013 compared to the same period of 2012. Main drivers of the growth were such services as voluntary property insurance, construction risks insurance, complex insurance of automobiles, and insurance of the liabilities.

Turaev said that the company from the first years paid attention to promoting services in the regions of Uzbekistan. The company has 15 offices in the regions (14 branches and one department). This helped to increase collection of insurance premiums in the region and diversify portfolio. In 2012, the growth of collected insurance premiums rose three times year-on-year in 2012 and twice year-on-year in nine months of 2013.

In the result of nine months of 2013, number of insurance agents was 223 units, of which 150 are legal entities and 73 are individuals. The company has 72 employees.

Head of the insurance company said that number of signed agreements rose almost 100 times compared to the 2018 figure.

He said that to implement presidential resolution, the size of the charter capital was increased to 7.6 billion soums or 3.5 million euros. Compared to 2008, the charter capital’s size rose almost 6.5 times.

Turaev underlined that as of 1 October 2013 own capital of the company made up 9.1 billion soums, which rose by 1.7 times compared to 2008. Insurance reserves makesup 3.15 billion soums as of the end of 2013, which increased by 48% compared to 2011, and as of 1 October 2013 the figure reached 5.7 billion soums (+76% year-on-year).

The assets of the company were 13.2 billion soums (+19.2%) at the end of 2012 and 14.5 billion soums (+14%) in nine months of 2013. Total investments of the company into economy of Uzbekistan exceeded 10.5 billion soums in 2012 (+21 y-o-y) and 12.2 billion soums in nine months of 2013. The growth of the figure made up 1.7 times compared to 2008.

He said that INGO-Uzbekistan pays special attention to execution of its liabilities before the clients and works on improving its services. He said that the company made pay-outs for 1.35 billion soums and 1.6 billion soums in nine months of 2013 (+46% y-o-y). The payouts rose 16 times compared to 2008.

Turaev said that the company has good perspectives and will strengthen its position in the market due to strengthening loyalty and trust of the clients and partners. He said that the company will increase and improve its insurance products.