Transcript cheap backpacker travel insurance uk

Uzbekistan Insurance Market
Olimjon Ikromov
Head of State Insurance Supervisory Board
Ministry of Finance of the Republic of Uzbekistan
GDP growth (annual %)
10
9
9.5
8
7
9
8.3
8.2
8.1
7.7
7
6
8.5
7.3
5
4
3
2
1
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
Foreign direct investment
net inflows (% of GDP)
4.1
4.1
3.2
3.1
2.5
1.5
2.6
1.3
1.0
2004
2005
2006
2007
2008
2009
2010
2011
2012
Uzbek-Korean business relations
Korean investments in the Uzbek economy
has exceeded $2 billion
 Economic Development and Cooperation
Fund (EDCF) issued preferential loans worth
$117 million through the Korean Eximbank
 Over 350 enterprises with participation of the
Korean capital operate in Uzbekistan
 More than 90 representatives of Korean
companies accredited in Uzbekistan

Ustyurt Gas Chemical Complex

Ustyurt Gas Chemical Complex on the basis Surgil
gas field in Karakalpakstan – total cost about $4.0
billion

Project was held together with a consortium of 15
leading international banks, Korea Gas Corporation
(KOGAS), Honam Petrochemical Corporation and
STX Energy
Insurance Market structure
Insurers
(33)
LTD (18)
Share (11)
Subsidiary (3)
Unitary (1)
Insurance
Brokers
(3)
Branches
(1010)
Insurance Agents
(7862)
Assistance,
Adjuster and
Surveyors
(16)
Actuaries
(2)
Insurance Market
Professional Participants
Association
Premiums growth rate, %
Voluntary and Obligatory
2009
2008
2011
2010
2012
Insurance payouts growth rate, %
Foreign reinsurance
2012 (%)
Ways of Cooperation in Insurance

Interchange of foreign reinsurance volume

Experience exchange via arranging probations,
seminars, trainings etc.

Creation of Uzbek-Korea JV general/life insurance
and/or reinsurance company
Minimum requirements for
authorized capital of insurers
(ths. euro)
Recent
From the
1st of July 2014
General Insurance
1 125
1 500
Life Insurance
1 500
2 000
Obligatory Insurance
2 250
3 000
Reinsurance
5 000
6 000
Type of Insurance Activity
Uzbekinvest International IC

Uzbekinvest International Insurance Company (Great
Britain) founded in 1995 by Uzbekinvest National
Export-Import Insurance Company (80% share) and AIG
(20% share) with authorized capital of 100 mln. USD

Specialization: Political Risks Insurance

AIG exit Uzbekinvest International in 2009 and
authorized capital declined to 50 mln. USD with the
offer to sell 10% share to third parties
UIIC’s Cover
Investment: Confiscation, Expropriation and
Nationalization
Trade: Contract Repudiation, Wrongful Calling of
Guarantee or Non-Honoring of L/C
Features: Policy periods of up to 7 years, Capacity of
up to US$10 million per risk, Indemnity up to
100%, Non-cancellable coverage for the full policy
term (except in the case of non-payment of
premium)
UIIC’s Activity Results (FY 1995-2012)



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Number of Issued Policies: 168*
Total amount insured (jointly with AIG):
1,633,076,549 USD including, UIIC’s share:
459,059,025 USD
Earned insurance premium: 5,524,312 USD
Net Profit before tax: 67,420,469 USD
Average ROE, net: 8.43%
Dividends paid, total : 51,243,161 USD
Insurance claims, disciplinary sanctions: None
UIIC’s Contacts Details


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The AIG Building, 58 Fenchurch Street, London
EC3M 4AB
Tel: +44 (0)20 7954 8397
Uzbekinvest International Insurance Company
Limited is authorised and regulated by the UK
Financial Services Authority, FRN: 202923.
Registered in England company no.: 2997845.
FOR MORE INFORMATION PLEASE VISIT WEBSITE
WWW.UIIC.CO.UK
Chartis Uzbekistan IC

Chartis Uzbekistan Joint Venture Insurance Company
(former AIG Uzbekistan) founded in 1995 by AIG and
National Bank of Uzbekistan (NBU)

A broad range of personal and commercial propertyliability insurance products and services to Uzbekistan
enterprises, as well as to foreign companies with
interests in Uzbekistan

Principal product lines include property, liability
insurance, financial lines, energy, cargo insurance,
accident & health (A&H), corporate travel insurance
Chartis Uzbekistan’s Cover

AIG decided to exit Chartis Uzbekistan and going to
sell it’s share (51%) to third parties - authorized
capital is 2 mln. USD

Offer: to establish Uzbek-Korean Joint Venture
Reinsurance Company or Export-Import Agency on
the basis of Chartis Uzbekistan