Uzbek people's bank establishes an insurance company

Business Materials 13 July 2011 13:07 (UTC +04:00)

Uzbekistan, Tashkent, July 13 / corr Trend D.Azizov /

The state commercial bank Kalk Bank (People's Bank) of Uzbekistan has founded an insurance company Khalk Sugurta to render insurance services to small business and population in large, the bank told Trend.

The company's statutory capital is 1.5 million euros. The Uzbek Finance Ministry issued a license for Khalk Sugurta, a 100 percent daughter company of Khalk Bank, to render services in 11 classes of voluntary insurance.

Khalk Sugurta's targets ensuring overall insurance protection of property and private interests of small business and private entrepreneurship subjects, developing and active promoting products on micro insurance among population.

By the technical assistance of the German Savings Fund on International Cooperation a development strategy of Khalk Sugurta, as well as universal program on registration and analysis of insurance services, enabling to form an optimal portfolio of risks taken to insurance.

By the Fund's assistance, the company plans to realize by late 2011a pilot project on microinsurance in Syrdarya and Tashkent regions, which envisages large-scale public awareness work on significance of micro-insurance services.

Uzbekistan's market operates 31 insurers in the field of general insurance, two in life insurance and one re-insurance company, two insurance brokers, two actuaries, four insurance assistance companies and four adjusters and survey organizations.

Uzbekistan's insurers increased collection of premiums by 20 percent compared to 2009 to 175 billion soums in 2010. Claim payments rose by 33.2 percent to 27.6 billion soums.

Official exchange rate was 1,719.97 soum per $1 on July 12.