The Uzbekinvest insurance company received the highest solvency rating on the national scale from the Ahbor-Reyting agency.
The Ahbor-Reyting rating agency has assigned a national scale solvency rating to Uzbekinvest, an export-import insurance company, at the level of “uzA ++” with a “Stable” forecast.
The assigned level is the highest assessment of the insurance company's solvency according to the national rating scale. It is assigned to those who have an exceptionally high ability to timely and fully fulfill their obligations and the requirements of policyholders.
The rating agency notes a number of positive factors affecting the rating level:
Wide regional coverage and range of insurance services;
Positive trend of business scaling indicators;
High market share and one of the leading positions in the insurance market;
Positive diversification of insurance revenues by region;
High business activity of the insurance company and intensive development of the main segments of the insurance market;
Active introduction of modern information technologies and financial instruments;
High level of solvency and strengthening of profitability indicators;
Experienced management team;
The agency notes that during 2019, the scale of business and indicators of Uzbekinvest's insurance activities increased at a steady pace. The number of existing contracts of the company increased by 155% compared to the results of 2018 and amounted to 610.5 thousand units. Of these, 546.3 thousand were concluded with individuals.
The collected cumulative insurance premiums of Uzbekinvest increased by 169.5% compared to the same period in 2019 and amounted to 283.7 billion soums. This represents 16.5% of all collected market premiums.
Insurance payments amounted to 24.2 billion soums, as a result of which their share in the aggregate of all payments of the insurance sector amounted to 8.5%.
Together with an increase in the volume of insurance activities by 41%, the company's net insurance reserves increased.
During the period under review, income from financial activities increased by 33.4%.
The policy of reinsurance operations is implemented by strengthening existing partnerships with the largest reinsurance organizations. Mutually beneficial business relationships with financial institutions provide the company with the opportunity to re-insure its risks in recognized reinsurance companies and encourage the company to approach high business standards.
In this direction, the company cooperates with some of the leading insurance and reinsurance companies and insurance brokers:
Allianz SE (Germany);
Zurich Insurance Group (Switzerland);
Tokio Marine & Nichido Fire Insurance Co. Ltd. (Japan);
People Insurance Company of China (China);
Korean Reinsurance Company (Korea);
Sogaz (Russia) and others.
The control system of Uzbekinvest covers all the main aspects of the financial and economic activities of the company. Including the accounting policy of insurance operations, targeted and efficient use of financial resources, compliance with regulatory indicators of solvency for undertaken insurance obligations, effective risk management, operation of claims and reinsurance activities.
According to the conclusion of independent auditors, the quality of the control system of Uzbekinvest is assessed as positive.
In December 2019, the international rating agency Moody's Investors Service (USA) officially announced an increase in the financial stability rating of Uzbekinvest insurance company from B1 to Ba3 with a Stable forecast.
Thus, the Uzbekinvest insurance company has become a company in the banking and financial sector of Uzbekistan, which has been assigned an international financial strength rating at the Ba3 level.