Tashkent, Uzbekistan (UzDaily.com) -- In the framework of the International Finance and Banking Forum of the CIS member states held in Tashkent from 28 to 29 March, Ingosstrakh and INGO Uzbekistan (part of the INGO Group) held a press briefing dedicated to the development of Russian-Uzbek relations in the field of insurance.

The event was attended by members of the Board of Ingosstrakh represented by General Director Mikhail Volkov and Deputy General Director for External Relations Ilya Solomatin and General Director of INGO-Uzbekistan Bakhtiyor Gaybullayev.

In 2018, the volume of insurance premiums of the market amounted to 1.6 trillion soums (about US$200 million), the amount of insurance indemnities paid amounted to 460.8 billion soums. The volume of premiums in the field of general insurance made up 1.2 trillion soums (about US$150.0 million), which is 54.4% higher than last year. The premium collection in the life insurance segment reached 0.4 trillion soums (about US$50.0 million), having increased more than 3 times.

In 2018, INGO-Uzbekistan increased the collection of insurance premiums by 24.5% to 27.8 billion soums, the volume of payments increased by 105.5% to 3.1 billion soums. The company is a leader in the travel insurance segment and is among the leading insurers in liability insurance, voluntary comprehensive vehicle insurance and property insurance. The size of the insurance reserves of the company amounted to 27.2 billion soums (an increase of 49%), the volume of the company’s assets is 59 billion soums (an increase of 28%).

The participants highlighted the adoption of the state program for development of the insurance market for 5 years as key prospects for the development of the market. According to the expectations of the participants of the event, the program will include the following measures: an increase in the requirements for the authorized capital of companies, the reform of the OSAGO system, the introduction of new mandatory types of insurance.

“The insurance market of Uzbekistan has a huge potential for development, and our company maintains a policy of growing the branch and agent network, expanding the product portfolio and improving the quality of services. We set ambitious goals to increase insurance premiums and consolidate our position in the top 8 companies in Uzbekistan and intend to achieve them. To do this, we integrate the best practices of the INGO group into our daily work, and also invest in the development of our competences in the field of underwriting and indemnification of losses,” commented the general director of INGO-Uzbekistan Bakhtiyor Gaybullayev.

“Uzbekistan, having the fastest growing economy in Central Asia, has a high potential for the development of the insurance services market, and Ingosstrakh is focused on planned business expansion in this region,” commented Ingosstrakh CEO Mikhail Volkov. - Our company, having a high level of competence in various types of insurance, is ready not only to provide the necessary consulting and methodological support to a subsidiary, but also to contribute to the development of a regional market. Now Ingosstrakh provides the subsidiary with a reinsurance capacity, provides services for risk assessment, underwriting and, if necessary, takes part in the consideration of losses. We also plan to support investments in INGO-Uzbekistan personnel and conduct system training of personnel on the basis of our educational university. In addition, we are ready to share experience in the field of compulsory motor TPL insurance, in particular, offering expertise in the issues of electronic tacos and Europrotocol, which are already used in Russia, and can be implemented in the Uzbek market in the foreseeable future. ”

Participants of the event also announced the launch of a social project to ensure the insurance protection of labor migrants of Uzbekistan in Russia, Kazakhstan and Kyrgyzstan. In addition, "INGO-Uzbekistan" announced the start of work in the segment of mandatory insurance of civil liability of third parties (MICLT). In the framework of the “pilot” launch in January-February 2019, more than 1.3 thousand MICLT policies were issued with an aggregate liability limit of 16.2 billion soums.