IX International Insurance and Reinsurance Forum and VIII International Leasing Forum in Tashkent

The IX Tashkent International Insurance and Reinsurance Forum and the VIII Tashkent International Leasing Forum were held in Tashkent. 

The events, organized by the SAIPRO Information-rating agency together with the Association of Professional Participants of the Insurance Market of Uzbekistan and the Association of Lessors of Uzbekistan, the General Arab Insurance Federation “GAIF”, were attended by representatives of ministries and departments, insurance, leasing, auditing and investment companies, rating agencies, international financial institutions. 

In our country, the extensive work on the development of the insurance market, the creation of legal, organizational and technical conditions for the effective functioning of insurance organizations, the opening units of insurance services in convenient locations for the public and clients – is carried out. 

Currently, insurance companies provide the public with a wide range of modern insurance services. As a result of increasing capitalization level of insurance companies, their financial stability is ensured. Insurance companies reimburse the damage, caused to health, life and property of citizens as a result of unforeseen accidents. It promotes public confidence in insurance services. 

Uzbekinvest National Export-Import Insurance Company, operating in the domestic insurance market, last year received the highest international rating in the financial market of Uzbekistan. International Rating Agency “Moody's Investors Service Ltd” raised the financial strength rating of Uzbekinvest National Export-Import Insurance Company from B1 to Ba3 with a Stable Outlook. The company provides insurance coverage in the amount of 16.2 trillion soums of 85 projects, included in the investment program for 2015. The company has assumed obligations in the amount of 219.9 billion soums to insurance of export contracts of small businesses and private entrepreneurship. 

In 2015, leasing services in Uzbekistan were provided by 90 organizations, including 24 banks. The total portfolio of leasing operations amounted to 2.45 trillion soums. This figure rose to 14.4 percent compared with the 2014 year. Last year, leasing companies of Uzbekistan made more than 5.6 thousand new leasing transactions, which amounted to over 850 billion soums. 

At the event it was noted that in our country systematic work is carried out on the modernization and diversification of the economy, the development of modern business infrastructure, the stability and reliability of the insurance market is provided. It was emphasized that leasing is an effective mechanism for the modernization of production capacities of small businesses, the expansion of private entrepreneurship and the use of funds on this basis to the formation of mini-manufactures. States that have been developed due to the macroeconomic stability and a favorable investment environment, as well as leading financial institutions tend to cooperate with our country.

Forum participants got acquainted with the ongoing reforms in our country, the privatization process, work on insurance and reinsurance, joint projects with foreign countries and international organizations. It was particularly noted that great attention in Uzbekistan is paid to the development of small business and private entrepreneurship.

The forum participants noted that in Uzbekistan, along with other sectors, stable growth is achieved in the banking and financial sector. International Rating agencies “Moody's Investors Service Ltd”, “Standard & Poor's” and “Fitch Ratings” in recent years evaluate the activities of the banking system of Uzbekistan as “stable”.

Within the framework of the forum was held an event dedicated to the activities of the insurance company “Alskom”. This company, founded 20 years ago in order to provide reliable insurance protection of activity information-communication entities of Uzbekistan, in the intervening period, has achieved the full confidence of enterprises and organizations in the sphere of ensuring the economic and financial security. On the insurance market of Uzbekistan the company pioneered the introduction of electronic shop “eshop.alskom.uz” for the online sale of insurance policies through the mobile banking system.

At the event, were discussed issues on the current state and prospects of development of insurance market of Uzbekistan, cooperation between leasing and insurance companies, realization of joint projects, modern trends in the national and international insurance markets, types of insurance in the various countries of the world, national and international experience of leasing-business management, the investment potential of the leasing and insurance spheres. 

During the forum was signed a memorandum of understanding between the Fund of Guaranteeing payments on compulsory insurance of civil liability of owners of vehicles of the Republic of Uzbekistan and the Korea Insurance Development Institute (KIDI).

Source: Uza.uz