“GROSS INSURANCE” enters compulsory insurance market

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May 9, 2016

“GROSS INSURANCE” enters compulsory insurance market


The Ministry of Finance of the Republic of Uzbekistan based on deep analysis of the financial viability and sustainability of insurance transactions, adopted the decision on extending the license of the insurance company “GROSS INSURANCE” LLC by providing the company the right to the enjoyment of all types of compulsory insurance.

Thus, the LLC “GROSS INSURANCE” is now among the ten largest domestic insurers having the right to exercise such socially important types of insurance as compulsory insurance of civil liability of vehicle owners (CICLVO), compulsory insurance of civil liability of the employer (CICLE), compulsory insurance of civil liability of carrier (CICLC) and other types of compulsory and voluntary insurance.

“GROSS INSURANCE” was established in November 2011. Following the 1st quarter results of 2016, it occupies the 4th place in terms of the size of charter capital among all insurers, 7-th in terms of insurance premiums. The company has a reliability rating according to the national scale by “SAIPRO IRA” at the level of uzA+.

“GROSS INSURANCE” is the only non-state insurer entitled to engage in reinsurance activities in full along with NEIIC “Uzbekinvest”, JSC “Uzagrosugurta” and JSC “Insurance company Kafolat” – three insurance companies with the state share in the authorized capital.

The company has an extensive network of branches in the Republic of Karakalpakstan, all regions and Tashkent city. Financial stability of the company is guaranteed by an effective management and a high degree of liquidity of assets, an effective system of reinsurance, in partnership with such recognized international reinsurers and brokers like Willis, AON, Zurich FS, syndicates of Lloyd’s, Allianz, ACE, Tokyo Marine, Hyundai Fire&Marine, Korean Re, as well as the presence of large insurance reserves established and managed in accordance with the highest international standards.