The insurance sector of Uzbekistan is demonstrating impressive growth rates, significantly outpacing the country’s GDP growth. From 2018 to 2023, the compound annual growth rate of the insurance market was 16.6%, which is several times higher than the growth rate of GDP. In an interview, the CEO of Mosaic Insurance Group, Oybek N. Khalilov shared the key factors contributing to dynamic growth, strategic direction, as well as future target and plans.
What health insurance products do you provide to your clients?
We offer a wide range of insurance products, including infectious disease, critical illness, COVID-19, and voluntary health insurance. We strive for high quality service and provide individual solutions for each client.
Oybek N. Khalilov
At the end of 2023, the insurance market of Uzbekistan the GWP was 65.1 billion UZS in the second class – health insurance and 11.2 billion UZS in the 18th class – medical insurance.
How do you evaluate the company’s results in this context?
According to reports for 2023, we were the only insurance company operating under the 18th class of insurance.
Oybek N. Khalilov
Losses on health insurance in the market amounted to 34 billion UZS in 2023. Based on the average market loss ratio for VHI of 65%, it can be revealed by expert analysis that the volume of VHI premiums is 57.23 billion UZS, and our company’s share is 20% of the market, while our company’s share in insurance compensation according to VHI is 8.6% of the market.
What strategic principles allowed the company to achieve such results?
From the first days of the company’s founding, VHI has been and remains a key area for us. We plan to increase the company’s market share to 30% by 2026.
Oybek N. Khalilov
We are tailoring and improving the principle of a client-oriented approach, as well as personal supervision of all complaints with Consumer Lines Insurance Director – Dinara Karieva.
We actively participate in tenders and selections, with our impressive reference list of completed and ongoing projects. We provide flexible prices and individual solutions for each individual client. Of course, having the UzA++ rating helps us a lot. All of the above together helps us win up to 80% of tenders.
How does the company plan to maintain the confidence of foreign investors in the local insurance market?
We, as a foreign company, are the only one on the Uzbekistan market with 100 percent foreign authorized capital to offer services in such a high-loss business line, actually proving our solvency through the quick and fair settlement of insurance claims. We pay in accordance with insurance programs.
Oybek N. Khalilov
Our goal is to increase the confidence of foreign investors by providing quality services and proving our solvency. We resolve insurance claims quickly and fairly, as evidenced by our work with large foreign clients, such as companies with American, Chinese, Korean, Turkish, Arab, Indian and European investments.
What are your next plans?
In the medium term, we plan to increase our market share to 30%, while maintaining the loss ratio at an acceptable level. We will continue to improve the quality of customer service and actively participate in tenders. The extension of income tax benefits will also support our growth by helping to insure all of our clients’ staff without their written consent, eliminating the risk of only insuring insureds who have health complaints.
What would you like to say to potential clients and partners?
We are confident in our ability to provide high-quality insurance services, and invite all interested clients and partners to cooperate. We strive for long-term and mutually beneficial relationships based on trust and professionalism.