Why is this important
This is a step towards creating a national reinsurance protection centre that will enhance the financial stability of the Uzbek insurance market and decrease reliance on foreign reinsurers.
Details
- Foundation and capital: The decree on the establishment of the company was signed by President Shavkat Mirziyoyev in May 2025. The authorised capital will be 300 billion soums, with 50 per cent of the shares owned by the state and the rest by private investors.
- Capitalisation schedule: NAPP is required to contribute 5% of the authorised capital within one month of the company’s establishment, with the remaining amount payable in equal instalments throughout the year.
- Scope of activity: the company will provide reinsurance protection for direct and portfolio investments, including projects of domestic and foreign investors.
- The goals for 2025 are to increase the volume of the domestic reinsurance market to 4 trillion soums, increase the export of reinsurance services by at least 30%, and attract investments of up to 150 billion soums through international cooperation.
Anvarjon Gafforov, who previously headed the Hamkor Sug’urta company, has been appointed CEO.
According to Moody’s, the creation of a national reinsurance company will increase the financial stability of the country’s insurance sector by combining resources within the country.
