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"Uzagrosugurta" Achieves High Efficiency


"Uzagrosugurta" achieves high efficiency


A press conference was held at the National Press Center of Uzbekistan on the analysis of the activities of Uzagrosugurta JSC for 2023 and the first quarter of 2024.


In 2023, Uzagrosugurta Joint Stock Company paid special attention to a number of areas of the insurance industry, in particular, improving the quality and scale of insurance services among the population, and introducing new types of them. At the beginning of last year, the company provided clients with 18 types of online insurance services, and by the end of 2023, the number of such services increased to 26. Today, 14 branches of the Company throughout Uzbekistan and 187 insurance centers offer insurance services to the population in cities and regions.

In order to increase customer interest in using the company’s services, strengthen the positive image of the company in the insurance market, and attract new customers, a “happy insurance” campaign was held from October 1, 2023 to February 1, 2024. The winners of the event were awarded valuable gifts.

The company also carried out consistent work to digitize the system. In particular, the unified electronic information system “Uzagros online” has been completely modernized. Currently, traditional paper work has been completely replaced through this system, and all types of document flow in the company and its system are reflected in this information system.

As for the main indicators achieved as a result of insurance activities, insurance premiums of Uzagrosugurta JSC in 2023 amounted to 393 billion 152 million soums. Of the sums with compulsory insurance, 71 billion 540 million soums are premiums, and 321 billion 611 million soums are premiums for types of voluntary insurance. Comparing the growth rates with 2022, one can see that 121.6%, or 69.9 billion soums of insurance premiums, have been provided.

The volume of obligations under issued insurance contracts amounted to 180 trillion 423 billion 68 million soums, which is 151.5% more than in 2022.

During this period, 715,314 insurance contracts were concluded with the company's clients, of which 650,034 were public health and property insurance, and 65,280 were other types of insurance services.

As part of the obligations received, in order to protect the interests of clients, insurance compensation in the amount of 50 billion 469 million soums was paid. The amounts for compulsory insurance amounted to 20 billion 434 million soums, and for voluntary insurance - 30 billion 35 million soums. This is almost 7.2 billion soums more than in 2022. The growth was 116.6%.

Efficiency was also noticeable in the end-of-Q1 2024 numbers. In particular, 55.2 billion soums of insurance premiums were provided in the 1st quarter. In total, 104,774 insurance contracts were concluded during the quarter, and insurance liabilities were received in the amount of 25.8 trillion soums. As part of the ongoing activities, insurance compensations totaling 15.3 billion soums were paid.

The company's activities are recognized by international rating agencies. In particular, in July 2023, the international rating agency Fitch Ratings confirmed the financial stability rating of Uzagrosstrakh JSC at BB 一 (outlook Stable). The international certification association United Registrar of Systems awarded Uzagrosugurta JSC a quality management system certificate. This confirms the compliance of the company’s activities with the requirements of the international standard ISO 9001:2015.

As a result of the company's active penetration into the international reinsurance market, cooperation within the framework of reinsurance has been established with the world's largest insurance companies and reinsurance brokers. Today, reinsurance companies such as Hannover Re in Germany, Swiss Re in Switzerland and Europa re in Switzerland, as well as companies from countries such as the UK, South Korea, Turkey, Latvia, Czech Republic, Georgia, Kazakhstan and India such as Sonsilium re , New Poin Insurance Brokers, TOO Marsh, Turker Sigorta ve Reasürans Brokers, AON, ENG Plus cooperate with reinsurance brokers.

The management of the company has developed a “road map” for the implementation of the development strategy of Uzagrosugurta JSC for 2023-2025, on the basis of which a number of works are being carried out.

In particular, the Company’s agricultural insurance services were placed in the information system of the Ministry of Agriculture “Agroplatform”. Insurance is provided for agricultural products grown on farms and peasant farms.

The InsuResilience Solutions Fund, reinsurance companies Swiss Re and Europa re, which are members of the Insurance Development Forum (IDF), together with the representative office of the UN Development Program in Uzbekistan JSC Uzagrosugurta, are harvesting cherries, grapes, apricots in Andijan, Namangan, Fergana and Samarkand regions of Uzbekistan for protection against adverse climate insurance product within the framework of a pilot insurance project, participating in the development processes, this insurance product, the risks covered in it, regions and insurance rates, an insurance contract was developed