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General Information

In 1997, in order to better meet the needs of people, businesses, organizations and institutions in insurance services, by a special resolution of the Cabinet of Ministers was established "KAFOLAT Insurance Company" Joint Stock Company.

Over the years, "KAFOLAT Insurance Company" JSC developed very rapidly and has become a universal insurer, becoming one of the market leaders for the collection of insurance premiums in the country. Over 18 years of development, the company has made progress in providing services, such as on property and personal insurance for customers of basic sectors of the economy, small business and private entrepreneurship, the company has become the first choice for many.

The company has established itself in the insurance market as a steady, stable insurer, as well as a reliable partner for its customers.

Thus, the share capital of the company since 1998 increased by 16,4 times. Were carried out 10 issues of shares with a net worth of 8,2 billion soums, which were fully deployed. "KAFOLAT Insurance Company" JSC is a large public company, with more than 600 shareholders of legal entities and individuals. So, if at the time of establishment of the company shareholders were the Ministry of Finance, "Asaka" bank and "Ipak Yuli", then today, the list of shareholders of the company added such companies and organizations as the National Bank for Foreign Economic Activity of Uzbekistan, State Enterprise "Navoi Mining and Metallurgical Combine" , JSC "Almalyk mining and Metallurgical Plant", JSCB "Aloqabank." This indicates an increase of investment attractiveness of the company.

In accordance with the Decree of the President of the Republic of Uzbekistan since 31 May 2011 № PP-1544 "On additional measures to further improve the financial stability of insurers," the company plans in 2014 to increase authorized share capital to an amount equivalent to not less than 14,6 billion EUR in UZS.

In recent times policies aimed at expanding the regional network are regarded as a priority for the company. Since its inception, the company is actively involved in shaping the development of insurance market in the country and systematically expand its reach. Despite the fact that the company has one of the most extensive network of regional offices, in order to have greater coverage by insurance services of individuals and organizations in the country the company pays special attention to further expand its geographic presence. Thus, only during 2007-2014 in more than 80 towns across the country the company has opened new divisions. For today, in the system of the company are operating 165 regional unit, including 15 branches, 38 divisions and 112 agencies that provide a wide range of insurance services to individuals and legal entities. About 1000 insurance agents of legal and natural persons mobilized the company in the provision of services to people, businesses and organizations.

Today "KAFOLAT Insurance Company" JSC in pursuit of goals to be as close to the people, businesses and organizations, is increasing retail sales and provides a wide range of insurance services that meet the current needs of each client. Experts of the company on a permanent basis are working to create new special programs and insurance products to suit all needs and wishes of clients. So, if in the beginning the company has been providing 25 types of mandatory and voluntary insurance, today under license from the Ministry of Finance of the Republic of Uzbekistan to conduct insurance operations in all 17 classes of general insurance, the figure is about 80 types of insurance. In particular, in recent years, put into practice, such types of insurance services as a voluntary medical insurance, mortgage insurance, comprehensive insurance of banks and banking activities (BBB), property insurance of leased, comprehensive vehicle insurance used as collateral, comprehensive insurance of export contracts, insurance of real estate under lease, professional liability insurance of medical personnel and others.

Phased implementation of measures to develop the company in a competitive environment, the rational combination of great practical and methodological baggage caused the positive results. It should be noted that the main factors in the growth performance in recent years were the continued competitiveness of traditional insurance products through improved methodologies, optimization of the tariff policy, improving the quality of service, extension of types of services and the service provided to the population, increased cooperation with the banking sector, small businesses and private entrepreneurship, increased regional and agency network, improvement of the company management.

In terms of insurance premiums for the company in 2014 company generated a revenue of about 42,0 billion soums, which is 12,5 billion sums higher than in 2013. With a market share of more than 9,2% of the gross insurance premiums took the 4th place among 33 insurance companies of the country.

It should also be noted that the number of contracts, which reflects the activity level of customer service, was about 583,3 thousand, which allowed the company to take 2nd place in the insurance market of the country on this indicator. In this case, it is necessary to emphasize that 81,4% of the contract accounts for individuals, which says about the active work of the company with the population.
The volume of insurance services rendered amounted to about $ 15,1 trillion. soums, which is 5,1 trillion. soums more compared to 2013.

Execution of commitments before own clients under the contracts of insurance on time and in full has been and remains one of the top priorities of the company. Experts of the company have been paying special attention to improving the quality of claims activity of the company. From this point of view, the company's commitment confirmed by the growth of payments on claims. 

In 2014, the company made payments on insurance claims totalling 3023 units, the bulk of which goes to compulsory civil liability insurance of vehicle owners, insurance of property transferred on bail, insurance of property and motor vehicle of businesses and individuals, and personal insurance.
As it is known, the effective management of insurance portfolio is the key to financial stability and sustainable development of the insurance company. In this regard, one of the most important tasks is the diversification of the insurance portfolio.

In accordance with the approved regulations governing compliance with the necessary requirements to the solvency balanced insurance portfolio and maintaining a high quality of insurance services, the company, together with national and foreign insurers actively pursuing reinsurance. Currently established partnerships with foreign reinsurance partners, such as, "BTA" TSA (Latvia), OIJSC "Ingosstrakh", CJSC "Kapital Perestrakhovanie", JSC "Rosno", "Moskva- Re", OJSC "Rosgosstrakh" (Russia) and the national reinsurance companies as NEIIC "Uzbekinvest", IC JSC «Alfa Invest» on the basis of the relevant agreements.

One of the main achievements of "KAFOLAT Insurance Company" JSC for the period of its existence, is that along with the quantitative improvements achieved there were also achieved qualitative improvement of financial and economic performance of the company. Thus, by a decline in the number of staff by nearly half the amount of insurance premiums increased by 68,0 times. Thus most of the the company's assets is composed of robust, liquid and profitable assets belonging to its investment portfolio. In turn, the volume of investments increased during the period by more than 64,2 times and is 33,2 bln UZS. Most of the company's investments consist of securities and financial instruments of large domestic banks, which have high reliability ratings. The company ensures positive growth of investment income. So for the last 5 years, the annual growth rate of investment income amounted to an average of 33 percent, which makes it possible, along with the collection of premiums and payment of claims to policyholders, to ensure the profitability and dividend payments to shareholders.

The achieved results ensure financial stability and solvency of the company at a high level. So, for the last 4 years the company solvency ratio exceeds the State Insurance Inspectorate under the Ministry of Finance of the Republic of Uzbekistan norm by 2-3 times and have positive growth. This is certainly a guarantee of performance of the company towards its assumed obligations to policyholders, partners and shareholders.

Also as a guarantee of execution of obligations before policyholders serve insurance funds generated from the received premiums. Currently, the volume of formed insurance reserves is at 33,9 billion soums.

It is encouraging to note that in 2014, information-rating agency «SAIPRO» "KAFOLAT Insurance Company" JSC reaffirmed the its rating on a national scale at the level «UzA +» (very high financial reliability). This in turn suggests a positive evaluation of the organization, about the holding place on the insurance market, dynamically improving its operating performance and an extensive network of agents, on the forefront in providing insurance services. Finally, this assessment enhances financial capacity and increase confidence in the company among customers.

As part of the National Programme of personnel training in the company has been carried out a great job. In particular, there is an organized systematic work on the selection of candidates politically, morally and psychologically prepared, capable of carrying out social and economic reforms in the industry, working in a competitive environment, seeking innovation of young professionals working in the central office and regional offices of the company.

Developed, on the basis of the Decree of the President of the Republic of Uzbekistan, decrees of Cabinet of Ministers - "Human Resources policy of "KAFOLAT Insurance Company" JSC and the mechanisms which lead it into action has been carried out through the introduction of forms and methods of their implementation, according to the developed internal regulations. Being organized constant study and improvement of the quality of the managers and specialists of "KAFOLAT Insurance Company" JSC, been carried out the quarterly monitoring of database in this area in a sectional context of its branches and divisions. Being systematized work to study the dynamics of individual quality indicators for each employee, such as scientific and practical activity, the pursuit of innovation, ability to work in management, organizational skills and qualities contributing to the development of the company.

In the company were created all the conditions for continuous development of professional , cultural and educational level of workers in universities, training centers and courses of the Republic of Uzbekistan and abroad. For the past 18 years under the the sponsorship of the company of more than 50 professionals and talented young people have graduated from institutions of higher education with the first and second profession. More than 950 specialists improved their skills at the Center of Corporate Governance of the High School of Business at the Academy of State and Social Construction under the President of Uzbekistan, the Tashkent branch of the Russian Academy of Economics named after G V Plekhanov, Insurance School of Business under the Moscow State Institute of International Economic Relations, the training workshops organized by the Foundation for Life Insurance «FALIA» in Japan. Producing positive results training seminars organized for professionals and insurance agents directly in the territorial divisions. Based on the strategic objectives of the company six talented young people - scholarship winners from "KAFOLAT Insurance Company" JSC study at the Management Development Institute of Singapore Tashkent.

Successfully graduated from the Academy of State and Social Construction under the President of the Republic of Uzbekistan and the Banking and Finance Academy of Uzbekistan 20 promising young professionals are currently working in various management positions of the company.

As of 01.01.2015 in the system of the company employees out of 339 professionals, 210 (62.0%) have higher, 129 (38.0%), vocational education, and their average age is 36 years.
One of the priorities of personnel policies is defined as the correct formation of a reserve for the senior staff. In forming the reserve staff main focus is on a planned approach for the selection, training and placement of specialists. In turn, this approach with available capacity and ability of each professional allows their use in those areas of activity that require specific management skills and professional readiness. Over the past 8 years 17 leaders were appointed from among the consistently trained professionals.

Over the years of its activity, the company established long-term partnerships and provides insurance services to the real sector of the economy, commercial banks, and other organizations and businesses.

Today, company's corporate clients include the Navoi Mining and Metallurgical Combine, Almalyk Mining and Metallurgical Plant, OPSC "Uzmetkombinat", JSC "Akhangarancement", JSC "Ahangaranshifer", Ferghana oil refinery plant, Bukhara oil refinery plant, SC "Uztransgaz", DE "Casting and Mechanical Plant", NAC "Uzbekistan Airways", SSC "Uzbekistan Railways", the National Bank for Foreign Economic activity of the Republic of Uzbekistan, OJSCB "Hamkorbank", the Ministry of Internal Affairs of the Republic of Uzbekistan, the Ministry of Foreign Affairs of the Republic of Uzbekistan, the National Security of the Republic of Uzbekistan, the Ministry of Defense of the Republic of Uzbekistan, the Ministry of Emergency situations of the Republic of Uzbekistan, the State Customs Committee of the Republic of Uzbekistan, the Committee on the Protection of State borders and others.

The company, as a priority, pays great attention to the insurance of companies in the real sector of the economy, population and small businesses and private entrepreneurships.

As a strategic direction of the company has been determined the development of all types of insurance, improving the quality of insurance services, the operational issues associated with insurance refunds and on this basis to promote better standards of living and economic viability of legal entities, as well as the development of insurance services especially in rural areas, development and implementation of perspective methods of the segment of insurance activities, the widespread expansion of campaigning and advocacy in the insurance market of the country, the implementation of insurance policies over the Internet, customers notice about the termination of the insurance contract by sms message and others.

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