Tashkent, 8 April 2010. The policy pursued today in Uzbekistan in the field of development and structural reforms allowed to ensure stability and balance of economy, as well as achieve high rates of economic growth in the conditions of global financial crisis.

In 2009 and this year Uzbekistan is among few countries with positive dynamics of macroeconomic indicators. It became possible thanks to the measures taken in time within the Uzbek government’s Anti-Crisis Program.

The stable macroeconomic situation in the country stimulated the further increase of the share of services sphere in the gross domestic product of Uzbekistan, which grew from 16.3% in 1991 to 47.2% in 2009.

Insurance services play an important role in ensuring the stability of economic processes in the country and social protection of the population, as well as in encouraging the development of economy. Besides, the market of insurance services serves as one of the sources of institutional investments, which underlines its importance additionally.

In this connection, the government of Uzbekistan is undertaking active measures on creation of maximum favorable conditions for the development of the national insurance market.

As a result, the local insurance market is currently demonstrating high and sustainable growth rates, its quality characteristics are improving. The role of this segment of financial market in the country’s economy is growing gradually, while the population’s trust in this kind of services is increasing.

33 insurance companies, 1 reinsurance company, 3 insurance brokers, 1 actuary organization and at least 5 companies rendering insurance assistance are functioning in the market of insurance services of Uzbekistan. 29 of insurance companies are operating in the field of non-life insurance and 2 companies working in the sphere of life insurance.

The total volume of insurance premiums in Uzbekistan made up 142.7 billion soums in 2009, which is 62.2% more than in 2008. It should be noted that the growth rates of insurance premiums in 2009 rose by 42.6%, which is the highest indicator in the past 7 years. Insurance organizations of Uzbekistan paid 19.9 billion soums of compensations in 2009. This indicator is 28.3% higher than in 2008.

The rapid growth rates of the Uzbek insurance market indicators in the conditions of global financial and economic crisis provokes vivid interest of the world insurance community. To this end the Intercontinental Tashkent hotel will host on 8-11 April the next Tashkent International Insurance Forum (TIIF-2010).
The forum has been organized by SAIPRO Information Rating Agency. Kapital Sugurta insurance company is general partner of TIIF, and Agro Invest Sugurta, Alskom, Asko-Vostok, Kafil Sugurta insurance companies and Carlsberg Uzbekistan, the largest brewery in the country, are sponsors of the event.

The forum will be attended by the top managers of foreign and national insurance, reinsurance, brokerage and other organizations, representatives of ministries, departments, state and public organizations, heads of foreign insurance market regulatory bodies, national and international associations, banks, investment and audit companies.

Representatives of such international financial institutions as the World Bank, European Bank for Reconstruction and Development, Asian Development Bank, etc. have been invited to participate in the forum as well.

UzReport Information Agency is PR Coordinator of the forum. Information support has been provided by such public and media organizations, as Uzbekistan Commerce and Industry Chamber, League of Insurance Organizations of Ukraine, Media Xprimm (Romania), Insurance Today Media Information Group (Russia), Agency of Insurance News (Russia), Business Format Group (Russia), forInsurer.com magazine about insurance (Ukraine).

Among the forum’s participants are representatives of insurance business from more than 16 countries, including Uzbekistan, Great Britain, Morocco, Austria, France, Bahrain, Saudi Arabia, Malaysia, Turkey, Russia, Ukraine, India, Kazakhstan, Latvia, Slovenia and others. In all, some 200 top managers and expert in the sphere of insurance are expected to attend TIIF-2010.

Participants of the event will discuss state and priority directions of development of insurance and reinsurance business in the local and foreign markets, current state of the international reinsurance markets and actual tasks set before the international reinsurance business, acquaint with potential and wide investment possibilities in the sphere of insurance in the region.

The forum contributes to the strengthening of relations between the representatives of international insurance community, serves as a platform for interactive dialogue among the representatives of international and local insurance communities, provides effective exchange of experience on the maximum use of the potential of international insurance markets.

Solemn ceremony of awarding winners of the “Oltin Soyabon” (Golden Umbrella) contest, which is a public award presented annually for the successes in the development of the country’s insurance business, will be held on the second day of the forum.