UzbekInvest conducts press briefing on business insurance

UzbekInvest National Export and Import Insurance Company held a press briefing on the occasion of the company’s 13th anniversary on 16 April. The company’s representatives spoke about business insurance and conducted a presentation on savings insurance products.


The briefing was conducted as a part of UzbekInvest’s public relations strategy aimed at strengthening the public’s favourable attitude towards the company’s image and reputation in the market. It was also intended to raise public awareness about the role of insurance and develop the population’s insurance culture.


The press conference was opened by the Director-General of UzbekInvest Fahriddin Saidahmedov. He spoke about the company’s activity and development over the years of its life.


"The company’s achievements in development of export and import insurance, strengthening its market position in the segments of private and corporate insurance, expanding its infrastructure were accompanied by constant improvements in the regulatory-legal base of the national insurance system, which today provides a strong foundation for the insurance business in Uzbekistan," Saidahmedov said, adding that "PR-events aimed at raising the role of insurance and public awareness about the benefits of the service, and promotion of the company’s products in the domestic and foreign markets have always been an integral component of the company’s activity."


UzbekInvest’s public-relations and information strategy is aimed at establishing and developing strong ties with the public. As a part of this strategy it has set the task to support the policy of openness and transparency of all insurance operations, of active and direct

communication with potential clients for the establishment of positive attitude and trust in population toward the institute of insurance.


In 2003, the company integrated and received an ISO 9001:2000 international standard certificate for its quality management system. The certificate has expired and the company’s management, understanding the benefits and advantages provided by certification, has decided to continue working toward the development of its quality management system and certify it with the SGS Tashkent (Switzerland), the world leader in quality system certification. This was announced in a presentation by a representative of quality management division M. Rasulov. The presentation was followed by the certificate award ceremony.


During the briefing particular attention was given to the company’s activity on complex business insurance. A report on this subject was delivered by the Director of the Centre of Innovation and Insurance Services Development K. Hasanov. It is not a secret that one of the most important areas of economy and the engine of socio-economic reforms in Uzbekistan the development of the sphere of small business and private enterprise.


Understanding the importance of contributing toward national tasks and priorities, the company has highlighted for itself the key directions for strategic development in 2007, among which is activation in the insurance of exports and different business lines.

Specifically, UzbekInvest has set the objective to promote export and import insurance, envisaging several seminars for exporters, customs officers, commercial bank officers, etc.


In the framework of business insurance, the company offers an optimal insurance protection against losses, which may be suffered by the enterprise as a result of unsuccessful production of business processes. The package includes the following main types of insurance: property insurance (equipment, premises, structures, technology); liability insurance (professional, general, management); business suspension insurance.


Thus, by getting insured one can not only overcome difficult times in the operation of a business, but also compensate for different losses, because today’s reliable insurance protection is a synonym for confidence in tomorrow. It raises the company’s reputation in the eyes of its clients and creditors.


Also, in the framework of the "Year of social protection" pronounced in Uzbekistan in 2007, a presentation was made by the Department for Insurance Services Development N. Rizaeva on long-term and savings insurance products offered by UzbekInvest Hayot Company, the only company in the life insurance segment of Uzbekistan.


One of the recent impulses for the reforms and development in this segment was the Presidential Resolution No. 618 dated 10 April 2007 "On measures for further reformation and development of the insurance services market", which exempts insurance premiums for long-term life insurance from taxes. It may be confidently claimed that the segment of life insurance has a great unimplemented potential, both in terms of the market capacity and sales volumes.

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