CEO Khalilov O.N. took part in the PWC Uzbekistan edition of the 26th annual survey of CEOs of the world’s largest companies, conducted in 2023. The study identified key trends in the impact of global and local events on business processes, profitability and private sector transformation. Most leaders expect a decline in the global economy due to geopolitical risks and other factors, but Uzbekistan’s internal potential and reforms create optimistic prospects. Top threats include geopolitical conflicts, inflation and health risks. Attention to ESG issues is growing, although Uzbek companies still lag behind in decarbonization. The study also highlights the impact of climate risks on businesses and skills shortages. The country’s investment attractiveness and the fight against corruption have become key development priorities.
The survey results were possible due to the professionalism of the respondents, which makes the study objective. For example, CEO at Mosaic Insurance Group Mr. Oybek N. Khalilov identified strategies in response to economic uncertainty: Job retention and team performance; Increased investment to support growth; Development of alternative suppliers and diversification; Adaptation to changes in the market, including price increases; Development internationally, especially in the Middle East and Turkey.
Mosaic Insurance Group is actively developing in the markets of the Middle East and Turkey, focusing on energy projects and strategic areas. In addition, given the American background and investors, company also pays attention to the US and Chinese economies.
Expectations for the next 10 years include fewer insurance companies and greater capitalization. Disruptive technologies such as online platforms will be key to changing the industry by increasing the accessibility of products and services.
Supply chain disruptions and regulatory changes will have a moderate to large impact, respectively. The lack of qualified specialists in the industry creates challenges for its development, so it is planned to develop vital specialties such as actuaries and underwriters.
According to Mr. Oybek, there is a very important open issue in the insurance market at the stage of discussions with the Regulator. The Ministry of Finance so far prefers a simpler increase in the authorized capital rather than the necessary changes in the calculation of reserves: for example, the Regulation on the calculation of reserves is already more than 15 years old, as a result of which an insurance company assumes risks in the amount of 1 B US dollars, while making a reserve only for its small share of retention, which does not even reach 1 M US dollars. There were cases when such a situation even reached disputes in court, and the Regulator could not prove that in fact the insurance company should have reserved in accordance with the risk of 1 B US dollars that they assumed. This is all due to the fact that insurance companies are insolvent. But the trend in the market and the proposal that the Association of Insurance Market Participants comes up with is the fastest possible transition to the Solvency II Directive and Risk based capital, and the introduction of new provisions on reserving.
Mr. Oybek emphasizes the importance of activity, adaptability and reputation for successful leadership in the modern business environment. His belief in working with integrity, matching words with actions and avoiding corrupt practices reflects his principles of integrity and professionalism. It encourages honesty and transparency in all business dealings, emphasizing that an honest approach to business is the key to success and sustainable development.
Find more: https://www.pwc.com/uz/en/assets/uz-ceo-survey-2023-rus-final.pdf
Year: 2024
Oybek N. Khalilov Engages in Uzbekistan’s Green Economy Dialogue
In a proactive move to bolster sustainable practices and contribute to Uzbekistan’s burgeoning green economy, Mosaic Insurance Group’s CEO – Oybek N. Khalilov actively participated in the “Uzbekistan Green Economy” public-private sector roundtable discussion. The event, held at InterContinental Hotel, gathered key stakeholders to deliberate on strategies aimed at advancing environmental sustainability and fostering economic growth.
The interactive discussion provided a platform for diverse perspectives and innovative solutions, reflecting Mosaic Insurance Group’s ethos of collaboration and adaptability. As proposals were refined and finalized, participants collectively reaffirmed their dedication to fostering a sustainable, resilient economy for Uzbekistan’s future generations.
Mosaic Insurance Group’s active engagement in the “Uzbekistan Green Economy” roundtable exemplifies its unwavering commitment to sustainability, underscoring the pivotal role of the private sector in driving positive environmental change. By harnessing collective expertise and fostering partnerships, Mosaic Insurance Group remains steadfast in its pursuit of a more sustainable and inclusive future.
As Uzbekistan charts its course towards a greener economy, Mosaic Insurance Group stands ready to contribute its expertise and resources towards building a resilient and sustainable future for all.
Mosaic Insurance Group 3rd Year Anniversary
“Dear colleagues,
Today, as we celebrate the third anniversary of our company, I am proud to share the significant achievements we have accomplished during this period.
Over the past three years, we have experienced remarkable growth in premium collection. Starting from $164,000 in 2021, we have achieved an impressive $6,500,000 in 2023. This substantial growth reflects our successful insurance market strategy and the dedicated efforts of every member of the MIG team.
Our authorized capital has increased from $1,500,000 in 2021 to an impressive $6,350,000 in 2023. This fortifies our financial stability, providing a solid foundation for long-term growth and development, with further plans to increase it to $30,000,000. Company assets have risen from $3,650,000 in 2021 to $11,070,000 in 2023.
Despite a significant increase in insurance payouts, starting from $27,000 in 2021 and reaching $432,000 in 2023, we continue to adhere to a strategy of efficient management and sustainable development.
Today, we are actively preparing for international ratings, opening new horizons for our company. All these pivotal moments underscore your outstanding contributions to our company’s success and signal that the best is yet to come.
These financial indicators speak volumes about your exceptional contributions to our company’s success. Thank you for your hard work, dedication, and commitment to excellence. Together, we have paved a successful and sustainable path for our company.
Congratulations to all of us on this significant anniversary, and we eagerly anticipate new achievements on our future journey.
Best regards,
Oybek N. Khalilov
CEO at Mosaic Insurance Group”
Insurance delegation meeting
A delegation of representatives of the Azerbaijani insurance market met in Uzbekistan for friendly discussions.
The CEO of Mosaic Insurance Group and the Chairman of the Association of the Insurance Market of Uzbekistan – Oybek N. Khalilov, the Chairman of the Association of Insurers in Azerbaijan – Elmar Mirsalaev, the Chairman of the Azerbaijan Bureau of Compulsory Insurance – Rashad Akhmadov, as well as a Member of the Supervisory Board of Qala Sığorta – Aydin Rakhmanov participated.
The meeting was an important step in strengthening cooperation between the two countries in the field of insurance.
Prospects for further development of Uzbekistan insurance market
Mr. Oybek N. Khalilov, CEO of Mosaic Insurance Group and Chairman of the Association of Professional Participants of the Insurance Market of Uzbekistan took part in a television program on the Ozbekiston 24 channel. During the live broadcast, he discussed with industry colleagues the urgent challenges facing the country’s insurance market and highlighted new prospects for industry.
Mr. Oybek highlighted several key aspects that determine the current state of the insurance market in Uzbekistan. He emphasized that in an ever-changing economic environment, insurance companies must be ready to adapt to new challenges and provide innovative solutions for customers.
One of the main issues discussed was improving the quality of customer service. Mr. Oybek emphasized the need to improve the processes of assessment and payment of insurance claims, which certainly helps to increase customer confidence in the industry as a whole.
An important aspect of the discussion was also the role of technology in the development of the insurance business. Mr. Oybek expressed the opinion that the introduction of modern technologies, such as digital platforms and data analytics, will help improve the efficiency of insurance processes and make them more accessible to a wider audience.
Potential new opportunities for the insurance market of Uzbekistan also became an integral part of the discussion. Mr. Oybek emphasized the importance of developing new products and services, as well as searching for new market segments, so that insurance companies can better meet the needs of their clients.
At the end of the program, the participants expressed confidence that dialogues of this kind contribute to the development of the insurance industry in Uzbekistan, facilitating its adaptation to modern challenges and opening up new prospects for the industry as a whole.