Tashkent, 14-15 April 2011 – Today the world community recognizes the sustainable high growth rates, the stability and reliability of the functioning financial and banking system, successful structural reforms in the economy and in general Uzbekistan's confident steps on the way of modernizing the country.

The gross domestic product (GDP) of the Republic of Uzbekistan has grown almost 3.5 times in the past incomplete 20 years of independent development, and the country’s GDP rose by 8.5% on results of 2010. The sphere of services increased by 13.4% last year. Special attention at that is paid to the promotion of modern types of services, including the insurance.

The role of insurance is especially important in the context of economic reforms, as it stimulates the development of business activity, improves investment climate and plays a special role in ensuring social protection of the population.

According to the “Concept of further deepening democratic reforms and establishing civil society in the country”, proposed by the President of Uzbekistan Islam Karimov at the joint session of the Legislative Chamber and the Senate of Oliy Majlis on 12 November 2010, the financial and banking system of our country has proved its sustainability and reliability during the financial and economic crisis.

Meanwhile, further consolidation of Uzbekistan’s financial system is also linked to attracting private capital to the banking and financial sphere through establishing the legislative foundation of setting up private banks and such financial institutions as leasing and insurance companies, credit unions and micro-financial organizations based on private ownership. This shall contribute to intensifying competition and raising the quality of banking and other financial services, and create conditions for developing modern market infrastructure that meets the highest international standards.

Results of work on development of insurance sector show that the local insurance market is currently demonstrating high and stable 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, 2 actuary organizations were functioning in the market of insurance services of Uzbekistan as of the beginning of 2011. 30 of insurance companies are operating in the field of non-life insurance and 2 companies working in the sphere of life insurance.

Results of Uzbekistan’s insurance market in 2010 showed that the segment continued its growth. Moreover, there is observed a stabilization of the share of compulsory insurance in the insurance market. According to verified data for 2009 and preliminary results for 2010, the share of compulsory insurance in the aggregate insurance premiums stabilized at the level of 26%.

Besides, the concentration on insurance premiums is decreasing. The share of TOP-5 insurers on the volume of insurance premiums made up 54.6% in 2010. There is observed continuation of increase of the share of non-state companies in the market. If the share of non-state companies was 60.1% in 2009, then it reached 62.6% in 2010.

The growth of market indicators in the sphere of insurance is accompanied by the work on adoption of normative legal documents and their amendments with the purpose of formation of an effective legislative base of the industry, meeting the modern conditions.

The traditional 4th Tashkent International Insurance Forum (TIIF) opens at Intercontinental Tashkent hotel on 14 April 2011. The forum’s main goal is discussion of priority tasks of development of insurance and reinsurance business. The forum has been organized by SAIPRO Information Rating Agency.

Official support has been provided by the Chamber of Commerce and Industry of Uzbekistan, Media XPRIMM (Romania), League of Insurance Organizations of Ukraine, Belarus Insurers Association and Public Fund for Support and Development of Independent Print Mass Media and Information Agencies of Uzbekistan.

ASKO VOSTOK insurance company is the general partner of TIIF-2011. Active sponsorship to the forum has been provided this year by such domestic insurance companies, as ALSKOM, AGRO INVEST SUGURTA, KAFOLAT, KAPITAL SUGURTA, UZAGROSUGURTA, UZBEKINVEST, and audit company GRANT THORNTON. It should be noted that a briefing dedicated to the 17th anniversary of UZBEKINVEST national export-import insurance company will take place within the forum.

The forum is 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 insurance community from 20 foreign countries, including Austria, Afghanistan, Bahrain, Belarus, Cyprus, Czech Republic, France, Germany, Ghana, Great Britain, India, Iran, Kazakhstan, Korea, Morocco, Romania, Russia, Turkey, Ukraine, and Uzbekistan will attend TIIF-2011. Overall, the forum gathers more than 200 top managers and experts of insurance sphere.

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 broad 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 international and local insurance communities, provides effective exchange of experience on the maximum use of the potential of international insurance markets.

The forum’s program also includes a solemn ceremony of awarding winners of “Oltin Soyabon” (Golden Umbrella) Prize, which is a public award annually presented in the sphere of development of insurance business.