Deputy head of the State Inspection on insurance supervision Bakhtiyor Gaybullaev said that Xalq Sug'urta is the first company in Uzbekistan, which launched microinsurance service. He underlined that microinsurance is new niche in the insurance market in Uzbekstan.

Jamshid Rahmonov, Director of Department on foreign relations and currency operations of People’s Bank of Uzbekistan, said that it is sharp issue to cover population in the regions with insurance. He said that microinsurance services are directed at protecting population and small businesses with low level of income. Rahmonov underlined that the potential volume of microinsurance market will make up 1 billion soums in 2012.

Rustam Halikov, acting director general of Xalq Sug'urta, said that the company will launch two types of combined products on microinsurance with wide coverage of individuals. They are Ishonch and Ijtimoiy Himoya. He underlined that the company is planning to launch two more products in 2012.

Ishonch is complex protection, which includes both insurance from accidents for insured and their family members, and property from fire, blast, earthquake and other natural disaster.

Ijtimoiy Himoya provides material aid to insured and its family at accidents, loss of capacity for work or death, as well as allows to cover liabilities on received credit.

Microinsurance will allow to cover wide layer of population due to its affordability. Microinsurance differs with simplicity of the product, relatively low insurance tariffs, small insurance sums, clear terms, fast insurance case settlement, etc.

Xalq Sug'urta was founded in line with the decision of the Council of People’s Bank of Uzbekistan to satisfy growing needs of individuals and legal entities in insurance services, including on microinsurance of small and private businesses.

Xalq Sug'urta conducts its activity based on license No.SF-00156 from 30 June 2011, issued by the Ministry of Finance of Uzbekistan. The founder of the company is People’s Bank of Uzbekistan. Its charter capital makes up 1.5 million euros in soums equivalent.

One of priorities of the company is to develop and promote microinsurance products through developed branch network. The project is carried within the project on microinsurance with Germany's Savings Bank Foundation for International Corporation.

It is planned to promote microinsurance products among population in cooperation with its partners such as Women’s Committee, Mahalla Foundation, etc.