_BIOGRAPHY A leading Uzbek economist, born in 1958, Rustam Azimov has held key positions across the banking sector, government, and academia. From founding major financial institutions to serving as First Deputy Prime Minister and Minister of Finance, his career has significantly shaped Uzbekistan's economic landscape. He currently leads Uzbekinvest and lectures in economics. His recent research focuses on the transformation of insurance markets in transition economies, with monographs published in London and Singapore.

“ADVANCED RISK MANAGEMENT SYSTEMS, COMBINED WITH CONSERVATIVE CAPITAL AND LIQUIDITY STRATEGIES, HAVE RESULTED IN AN 8.4-FOLD INCREASE IN RESERVES OVER THE PAST FIVE YEARS, REACHING US$ 165 MILLION.”

WHAT ARE THE KEY TRENDS IN THE INSURANCE MARKET OF UZBEKISTAN?

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In recent years, Uzbekistan’s insurance market has demonstrated dynamic growth, supported by the country’s economic expansion resulting from large-scale reforms initiated by President Shavkat Mirziyoyev. Contributing factors include rising living standards, as well as increasing financial and insurance literacy among the population.

A notable trend is the strengthening of state regulation and supervision by the National Agency for Perspective Projects of the Republic of Uzbekistan, which continues to refine prudential oversight mechanisms. At the same time, the share of insurance premiums in GDP has more than doubled in recent years, accompanied by a fivefold increase in insurance density. A key driver of this growth—averaging 143% annually over the past five years—has been the active development of financial risk insurance.

Alongside this, the market is undergoing rapid digital transformation. Since September 2024, all compulsory insurance policies have been issued in electronic form, while insurers are expanding online sales channels and implementing AI technologies.

Another significant trend is the growing integration of Uzbekistan’s insurance market into international insurance and reinsurance systems. Incoming reinsurance volumes have increased substantially, with Uzbekinvest’s reinsurance premiums rising more than ninefold to reach US$ 65 million.

The insurance sector in Uzbekistan is currently experiencing a period of transformation and accelerated growth, and the Company is proud to play an active role in this evolution.

CAN YOU ELABORATE ON UZBEKINVEST’S STRATEGY AND OPERATIONS?

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Since 2017, the Company has achieved substantial growth across key strategic areas, reflecting its evolving role in both domestic and international insurance markets. One of the most notable achievements has been geographic expansion and the strengthening of international partnerships.

Uzbekinvest has signed over 63 agreements and memoranda with leading export credit agencies worldwide. The Company has been a member of the Berne Union since 1997 and joined the Oman Union in 2017.By the end of 2025, international insurance premiums accounted for 50.2% of the Company’s total portfolio, while the number of partner countries increased from one to 135.

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Uzbekinvest has introduced a wide range of customer-oriented insurance solutions for individuals and small businesses. This has resulted in significant growth in both product offerings and client base, which expanded from 120,000 to 1.2 million customers. At the same time, over the past five years, gross written premiums have increased more than sixfold, reaching US$ 134 million.

The Company has also been actively involved in insuring investment projects implemented within the country, with business volumes in this segment growing 22 times, as well as insuring enterprises in free economic and small industrial zones, where premiums have increased ninefold.

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Despite the significant growth in core indicators, the loss ratio has been reduced from 26.6% in 2020 to 8.2% by the end of 2025. At the same time, labor productivity per employee has increased more than sevenfold, reaching UZS 3 billion per employee.

Uzbekinvest places strong emphasis on risk management and financial stability. Advanced risk management systems, combined with prudent capital and liquidity strategies, have driven an 8.4-fold increase in reserves over the past five years, reaching US$ 165 million. This resilience is underscored by the Company’s ratings from Moody’s (Ba2, Positive outlook) and A.M. Best (bb+, Stable outlook), among the highest in Uzbekistan’s financial market.

WHAT ARE THE MAIN ASPECTS OF UZBEKINVEST’S INTERNATIONAL ACTIVITIES?

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International operations represent a core strategic pillar for Uzbekinvest, underpinning the Company’s expanding global footprint and capabilities. A wide network of international partnerships supports business growth, facilitates knowledge exchange, and enhances market access. Participation in global insurance programmes has further strengthened Uzbekinvest’s international positioning.

As of the end of 2025, incoming reinsurance premiums exceeded US$ 65 million. Uzbekinvest also provides insurance coverage for large-scale international projects across infrastructure, energy, and industrial sectors. In 2025 alone, the Company insured projects valued at over US$ 15.3 billion.

The Company places strong emphasis on talent development as a driver of long-term competitiveness. It operates an Insurance Academy for senior management and an Insurance School for mid-level professionals and agents. Each year, more than 400 employees undergo structured training, with top performers selected for international internships in key markets, including Japan, South Korea, Türkiye, the United Kingdom, the United States, and China.

Uzbekinvest also supports academic research in the field of insurance. Several doctoral and postgraduate research programmes have been conducted based on the Company’s activities. Employees regularly enhance their qualifications at globally recognised institutions, including the Chartered Insurance Institute (CII) in London. In recognition of its high standards, Uzbekinvest was awarded the status of International Professional Partner (IPPF) by the CII in September 2024. Currently, 13 employees hold academic degrees, including 3 Doctors of Science and 10 PhD holders.

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HOW IS DIGITAL TRANSFORMATION PROGRESSING IN THE INSURANCE SECTOR?

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Digitalisation of the insurance sector in Uzbekistan is no longer a trend but a necessity driven by evolving market demands. Companies are rapidly adopting advanced technologies to optimise operations, enhance customer service and improve efficiency. Digital platforms and mobile applications are being developed to simplify customer interaction and expand access to insurance services.

Automation has become an integral component, with systems now handling risk assessment, application processing and premium calculation, minimising human error and increasing operational speed. Artificial intelligence, big data and analytics are also being widely used to improve risk assessment and deliver more personalised insurance solutions.

Uzbekinvest's digital transformation can be structured into five key strategic stages. Between 2018 and 2019, the company automated and computerised individual processes, laying the foundation for full digital transformation. In 2020 and 2021, it launched the insurance.uz platform and mobile application, providing online access for customers. In 2022, the implementation of Face ID technology reduced policy issuance time from seven or eight minutes to thirty seconds.

January 2024 brought the launch of the AI-based pre-underwriting system Talys.SDE, currently used to assess 85 percent of issued policies. In May 2024, the company automated reinsurance risk assessment, significantly reducing decision-making time. December 2024 marked the launch of a corporate data warehouse and BI system, improving analytics and decision-making across the business. Today, AI technologies are being implemented across claims processing, the next frontier of the company's digital agenda.

HOW IS THE INSURANCE SECTOR RESPONDING TO THE DECLARATION OF 2026 AS THE “YEAR OF MAHALLA DEVELOPMENT AND SOCIAL PROGRESS”?

The declaration of 2026 as the “Year of Mahalla Development and Social Progress” marks a significant step in aligning Uzbekistan’s insurance sector with national priorities of inclusive growth and social resilience.

The market is responding by expanding reliable insurance coverage for the population, increasing public engagement, and growing its client base. New measures include insurance protection for mahalla infrastructure, the introduction of modern products tailored to local community needs, and the establishment of agent networks in each mahalla.

Awareness campaigns, community meetings, and social initiatives are actively implemented to promote insurance services and improve understanding of their benefits. Through these efforts, Uzbekinvest has provided insurance coverage to approximately 15% of families and households across the regions of the country.

At the same time, cooperation with commercial banks in the field of mortgage insurance is being strengthened. Uzbekinvest views these initiatives not only as business opportunities, but also as a responsibility to support the development of mahallas and broader social progress for future generations.