UzReport Insurance - Insurance - Uzbekistan News: rating of insurance companies, insurance market

русский english o'zbekcha

Uzbekistan
Interview
Analytics
Professional players
Insurance companies
Reinsurance companies
Insurance brokers
Assistance services
Associations
Actuary
Adjusters
Insurance services
Regions
Classifier
Company ratings
Rating reports
SAIPRO rating activity
Rating procedure
National scale
Information
Annual reports
Registrar
Insurers
MIACL Fund
Legal documents
MIACL Calculator
Legislation
Laws
Resolutions
Others
Insurance glossary
Tashkent International Insurance Forum
Application for participation 2011
"Oltin soyabon"
Regulation
Nominations
Steering Committee
Expert Council
Winners
2010 winners
2009 winners
2008 winners
2007 winners
MICL
Video archive


SAIPRO rating activity  
The market for rating services is currently at its embryonic stage. The classic rating is the assessment of the business entity's ability and preparedness to meet its obligations to the clients and investors fully and timely.

At the same time the rating services market is demonstrating the potential for the most intensive development. Thus, in the conditions of market economy the interest of the economic process participants in objective and reliable information on the financial condition and business activeness of the enterprises has grown substantially.

All entities in the market relations including the owners (shareholders), the investors, the banks, the exchanges, the suppliers, the buyers, the insurance companies and others are interested in unambiguous evaluation of their partners' or clients' competitive position and reliability. The solution to this task was discovered in the early 20th century. This solution came in the form of rating evaluation.

At this stage of development of the insurance market, the information transparency of the insurance organizations is particularly important, as the protection of the rights and interests of consumers requires their awareness of the financial condition of the insurance organisation. This informational transparency determines the choice of the insurance company. This information is also required for the insurance companies for their self-evaluation, as well as to their shareholders and reinsurance agencies.

SAIPRO Company was founded in 1999. Today is represented by a strong team of professionals providing a wide range of consulting services starting with the business idea and including its successful practical implementation. Since 2004, SAIPRO Company, among other fields of its activity, also introduced a new service - the Rating of Uzbek Companies.

Thus, SAIPRO launched the "Rating of Insurance Companies of Uzbekistan" pilot project in the sector of non-life insurance. The aim of the project was to provide ratings to the insurance companies according to the criteria determining the financial stability and reliability. And now SAIPRO has set up a department responsible for the financial analysis and rating assessment of companies.

It is important to point out that SAIPRO Company was the first in Uzbekistan to develop and integrate the national rating scale. The main distinguishing feature of the SAIPRO's methodology, setting it apart from the international raters is in the fact that the scale targets only the companies operating in the Republic of Uzbekistan.

It is worth noting that as the company accumulated experience and implemented the recommendations and suggestions of the rated insurance companies, the number of indicators, as well as the methodology used by the company were constantly improved. Thus, in the early years of the project it covered only 3-4 insurance companies, whereas now over ten insurance companies participate in the rating.

The methodology of the rating assessment used for the insurance companies by SAIPRO lets it identify the most important parameters of their activity, their strongest and weakest points, the ways to their solution, which is particularly valued by all local companies.

The main principle of the SAIPRO's rating assessment methodology is based on the comparison of its indicators for each of the factors considered against the average indicator for the whole national insurance market. The analysis reveals the factors that positive and those that negatively affect the company's paying capacity. This approach allows stepping away from the "ideal" characteristics and identify the most reliable companies within the given conditions.

The SAIPRO's advantages include the following:

  • the company is independent from the participants of the financial market and state agencies, which undoubtedly reflects on the quality of the services provided;
  • the company prepares a detailed report for each issuer that can be used in the process of negotiations with the potential clients and/or investors;
  • the company publishes ratings and rating reports in the media helping form a positive image about the rated organizations and popularize the rating services.

  • In conclusion it is worth noting that the rating of the insurance company not only characterizes its reliability, but also, in essence, is a powerful PR-tool, as it targets general public. Besides, the rating serves as an evidence of the fact that the insurance company has a stable portfolio, that its activity is transparent and the company is prepared for civilized operation in the insurance market.

    CURRENCY RATES
      29.08.2017 05.09.2017
    EUR/UZS 4966.88 9645.48
    RUB/UZS 71.18 139.91
    USD/UZS 4210.35 8100.00
    COMPANY RATINGS
    Company Rating
    Uzbekinvest uzА++
    Alskom uzА+
    Asia Inshurans uzА+
    Gross Insurance uzА+
    Kapital Sugurta uzА+
    MARKET LEADERS
    4st quarter of 2014  
    on premiums
    Company Value
    Uzagrosugurta 22.9%
    Uzbekinvest 17.1%
    Kafolat 11.8%
    Kapital Sugurta 7.5%
    Alskom 7.0%
    on payouts
    Company Value
    Uzagrosugurta 23.0%
    Uzbekinvest 18.5%
    Uzbekinvest Hayot 14.1%
    Kafolat 14.0%
    Agro Invest Sugurta 8.1%
    on quantity of agreements
    Company Value
    Uzbekinvest 55.9%
    Uzagrosugurta 14.0%
    Kafolat 7.2%
    Kapital Sugurta 6.5%
    Gross Insurance 4.6%

    Страховой каталог INS.ORG.RU

    About us  |  Contacts  |  Terms of Use  |  Advertisement  |  Privacy Policy
    Copyright © 2008 — 2017, UzReport
    Reproduction or redistribution of UzReport content in any form is expressly
    prohibited without the prior written consent of UzReport