At the Dubai World Insurance Congress (DWIC) 2025, held under the theme Geo Spotlight: Central Asia, Mr. Oybek Khalilov, CEO of Mosaic Insurance Group participated in a high-level panel discussion exploring the evolving reinsurance landscape in Central Asia and the opportunities presented by international financial centers such as Dubai’s DIFC.
During the session, Mr. Khalilov emphasized the need for stability, clarity, and global connectivity when assessing the suitability of a reinsurance hub. He noted:
What we look for in a reinsurance hub is predictability, regulatory clarity, a transparent tax environment, access to qualified professionals, and most importantly – a clear gateway to global markets.
In this context, the Dubai International Financial Centre (DIFC) stands out not only as a convenient jurisdiction but as a world-class platform offering a comprehensive legal and regulatory environment. Backed by English common law and regulated by the Dubai Financial Services Authority (DFSA), DIFC aligns with international best practices, including IAIS principles, Solvency II, and IFRS standards.
In addition to legal and regulatory advantages, Mr. Khalilov pointed to DIFC’s tax efficiency and its unique ecosystem of reinsurers, brokers, actuaries, and auditors – all of which are critical for insurers like Mosaic operating in emerging markets.
For us, opening in DIFC is not an exit – it’s a step forward. It enables us to access knowledge, capital, and global best practices, which we aim to bring back and apply to our work in Uzbekistan.
Current Gaps and Regional Challenges
Addressing the state of reinsurance infrastructure in Central Asia, Mr. Khalilov drew attention to key challenge – absence of catastrophe modelling and regional risk pooling:
Despite the region’s high exposure to natural hazards such as earthquakes and floods, there are currently no standardized tools or mechanisms in place to assess and transfer these risks effectively.
Without these foundational elements, the region remains vulnerable — relying on emergency funding rather than proactive risk financing.
Opportunities and the Path Forward
While acknowledging the slow but steady progress in regulatory reform and product innovation, Mr. Khalilov stressed the importance of continued efforts in areas such as:
- Talent development and IFRS 17 implementation
- Digital transformation and technological adoption
- Product diversification, including cyber and parametric insurance
Uzbekistan is moving forward, but real progress will take time and coordinated efforts across public and private sectors.
