On the basis of a license issued by the Ministry of Finance of the Republic of Uzbekistan, since 1997, Kafolat Insurance Company (Kafolat) has been providing services with 17 insurance classes, covering more than 120 special insurance products.
Within the framework of the formation of the market economy in the country, the main directions of development were established in order to ensure the reform agenda of Kafolat in accordance with the transformation processes and these directions established the policy of underwriting and investment. In this policy, a special attention has been paid to the development of insurance activities among the population.
In particular, as of January 1, 2021, there are 228 territorial divisions network of the company, which includes 15 branches, 60 departments and 153 insurance centers. About 600 permanent employees of the company, through more than 3400 insurance agents, also provide customer service in terms of reinsurance and life insurance services throughout the country.
The international rating agency Fitch Ratings, confirmed the rating of the financial stability of the company "BB-" in 2020 year, which is demonstrated by the company's solvency and reliable business reputation in the insurance market. Considering the diversification and competitive aspects of the company's portfolio of services, Fitch assesses its development prospects as "favorable". The information rating agency “SAIPRO” published a rating of “UZ A++” (the highest financial indicator) on a national scale, which characterizes the high financial reliability of the company.
What does having a Fitch Rating give the company?
Fitch gives the rating based on factors such as what the company owes and how sensitive it is to systemic changes such as interest rates. International investors invest in enterprises where the agency has given a high rating, so that their investments do not go into default and subsequently generate income.
Kafolat has partnership agreements with foreign reinsurance companies for reinsurance such as "Abu Dhabi National Insurance Company", "Oman Insurance Company", "Insurance House", "Polish REDirect Insurance", "London Market Plc", JSC "VCK" (Russia), JSC "Neftyanaya Straxovaya kompaniya" (Kazakhstan), "Barents Reinsurance SAAce Insurance Pvt. Co., Ltd.". The company is a member of the International Underwriting Association of London, the only Association in Uzbekistan.
In terms of capital volume, the company is included in the list of top-10 insurance organizations in the market of Uzbekistan and has a share of 6% of the total subscription Awards at the end of 2020. At the same time, the indicator of the insurance premium revenue of Kafolat in the field of General Insurance in 2020 year amounted to 80 270,3 million UZS.
Total assets of the company to the state of July 1, 2021 amounted to 189,2 billion UZS, of which 36.5 billion UZS of basic means, 43.9 billion. shares purchased from organizations, 25.1 billion UZS shares sum to the account of investment funds placed in banks, amounted to 26.2 billion UZS corresponds to the investment funds directed to the acquisition of the share of enterprises and organizations and to the account of other assets.
Competitive aspects of Kafolat:
- “BB –“ (stable) rating by Fitch Ratings standards;
- Compliance of management system with the international standard ISO 9001:2015;
- Availability of extensive financial resources;
- Availability of extensive regional networks;
- Recognized brand.
