Dear Ladies and Gentleman!
Today we can proudly announce that the international community is closely monitoring the development and transformation processes in the Republic of Uzbekistan, admits the positive changes in all areas of activity, including the insurance sector. A favorable economic environment creates new prospects for the successful operations and progressive development of domestic insurance companies.
In 2019, the national insurance industry has undergone significant reform in order to create a developed infrastructure in the insurance market. Thanks to the effective legal acts developed and adopted in recent years, qualitative transformations in the insurance sector has been carried out in the republic.
«Insurance Company KAFOLAT» JSC provides a full range of insurance services. The license issued by the Ministry of Finance of the Republic of Uzbekistan, allows to provide insurance services in all 17 classes in the general insurance industry, both mandatory and voluntary forms, combining more than 117 types of insurance, that allows to provide comprehensive protection of the financial interests of the company's customers.
To ensure the reforms of the system, the «KAFOLAT Insurance Company» JSC, in the framework of the formation of a market economy in the country, has developed the main directions of growth that determine the underwriting and investment policies, where a special attention is given to the development of insurance activities among the population.
Special attention is given to increase the capitalization and the growth of investment activities of the company, providing insurance support to the processes of modernization of production facilities in priority areas of the economy, improving technical and technological processes, as well as improving the quality of services provided to the population and enterprises.
The company pays great attention to the study and analysis of current development trends in the international and domestic reinsurance markets.
Today the company has agreements on reinsurance cooperation with domestic and foreign reinsurance companies such as «Abu Dhabi National Insurance Company», «Oman Insurance Company», «Insurance House» (UAE), «Polish RE» (Poland), Lloyd`s Syndicate Canopius (CNP 4444), Direct Insurance London Market Plc (Great Britain), Scor Reinsurance, VSK CJSC (Russia), JSC «Oil Insurance Company» (Kazakhstan), Barents Reinsurance SA (Luxembourg), «Ace Insurance Pvt. Ltd. »(India) and others.
The company is the sole founder of the life insurance company «IC Kafolat Hayot» LLC and the assistance company «My Assist» LLC.
The company has implemented a quality management system according to the international standard ISO 9001:2015. Annually audit is carried out in accordance with IFRS. Fitch Ratings assigned the company a rating according to international standards at the level of «BB-» (Stable Outlook). The information and rating agency «SAIPRO» assigned the company a rating on the national scale «UZ A ++», which defines the excellent financial reliability. Since 2019, the Company is the associate member of the International Underwriting Association of London.
The company has the most extensive regional infrastructure, which includes 15 branches, 60 offices and 146 insurance centers, which employ 570 full-time employees and 2861 insurance agents operating in all regions of the country.
Summing up, I want to note that «KAFOLAT Insurance Company» JSC is one of the leaders in the insurance market in terms of collected premiums in Uzbekistan, assets amount to 154.4 billion UZS, the authorized capital is formed at the amount of 33.6 billion UZS, which is provided by the activity of a wide regional network, the use of common standards and universal insurance technologies, the absence of industry affiliation and the high qualifications of company employees.
In accordance with the Decree of the President of the Republic of Uzbekistan dated April 29, 2019 No. 4300 «On measures to further improving the mechanisms of attracting foreign direct investment into the economy of the Republic», a state block of shares of «KAFOLAT Insurance Company» JSC in the amount of 25% of the authorized capital is proposed for sale to investors.
In order to transform its activities, implement new methods of corporate governance, increase the competitiveness, «KAFOLAT Insurance Company» JSC invites strategic foreign investors to participate in the authorized capital of the company.
By purchasing a stake in the authorized capital of the company, investors acquire a functioning and stable business, which is featured by providing high quality services, stable growth indicators, an extensive regional and agent network, leading positions in the insurance market, the use of innovative and IT technologies, a well-established risk reinsurance system, and an impeccable business reputation and high personnel potential.
The state guarantees and protects the rights of foreign investors engaged in investment activities in the Republic of Uzbekistan.
If you are interested, the company management is ready to provide more detailed information and answer to any questions.
Chairman of the Executive Board
of «KAFOLAT Insurance Company» JSC, Ph.D.