Uzbekinvest to be reformed

The Ministry of Investment and Foreign Trade has published a draft resolution of the Cabinet of Ministers “On measures to further improve the activities of the National export-import insurance company Uzbekinvest”.

The project proposes to refract the company, in particular, to transform it into a joint stock company. The company also plans to allow opening current accounts with banks abroad and conduct operations on them.

The project contains a roadmap that provides for:

- expanding the company's ability to export insurance through the formation of reserves to cover losses arising from insurance of export operations;

- providing the insurance portfolio with reinsurance protection for the reinsurer with a rating not lower than “BBB +” according to S&P, Fitch and A.M. Best or “Baa1” according to Moody's;

- development, implementation and promotion of two new innovative insurance products for individuals in 2019 and three in 2020;

- hiring a foreign consultant on the development of claims;

- phased development and implementation of the CRM system;

- phased implementation of the KPI system.

Uzbekinvest is a national company established in 1994. It provides insurance for 17 insurance classes. Since June 2017, the company has been headed by Rustam Azimov.