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The final results of the activity of JSC “Insurance company Kafolat” for 1st half-year of 2020

JSC «Insurance company KAFOLAT» conducted its results for 6 months of year 2020 in accordance with the requirements of the Law of the Republic of Uzbekistan "On insurance activities" and the legislation of the Republic of Uzbekistan, as well as in accordance with the tasks set out in the Presidential Decree dated October 9, 2017 No. 3317 "On measures to improve the activities of KAFOLAT Insurance company JSC".

            In the first half of 2020, the company signed more than 320 thousand insurance contracts with its clients  worth 80.3 billion UZS.

            The company is one of the leaders in the domestic insurance market in providing compulsory insurance services. For example, by the end of 1st half year of 2020, the company has collected 11.1 billion UZS insurance premiums from conducting insurance contracts on mandatory civil liability of vehicle owners.

            As a result of significant and hard work the company has managed to collect 8.86 billion UZS  form the insurance services provided to employer's civil liability  in the reporting period and took the 2nd place among domestic insurers working in this field.

            By insuring the carrier's mandatory civil liability an amount of 800.2 million UZS was collected taking the 1st place among competitors.

            In the first half of the year the company received 4,172 insurance claims for which 16.8 billion UZS  insurance indemnities were paid, which is 23 insurance payments transactions  per day. The biggest part of indemnifications is paid for claims from the mandatory insurance of civil liability of the employer, mandatory insurance of the civil liability of vehicle owners, and voluntary types of insurance. The volume of insurance payments in comparison with the same period last year increased by 2.64 billion UZS, on average, the company pays 93.3 million UZS of insurance indemnities daily.

            During the reporting period, the total number of regional divisions of the company reached 231 units.

            In the first half of 2020, the existing types of insurance were improved and 3 new insurance products were developed. Such as:

* Insurance of medical personnel against accidents and infectious diseases;

* Insurance of citizens against accidents on the territory of recreation areas;

* Insurance of travelers against accidents when visiting historical monuments.

            One of the directions specified in the Decree of the President of the Republic of Uzbekistan dated August 2, 2019 No. 4412 "On measures to reform and ensure the accelerated development of the insurance market of the Republic of Uzbekistan" is to improve the system of training, retraining and advanced studying of insurance market specialists, the use of modern training methods, and the promotion of research activities in the field of insurance. In this direction, the company has developed its activity.

            In particular, in cooperation with Westminster International University in Tashkent, a monthly online webinar has been started and being held for students of insurance companies.


Source: Press Servise

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