In the first half of the year, the volume of reinsurance accepted by GROSS from foreign companies grew by 392% compared to the same period in 2023.
"The fourfold increase in the volume of reinsurance accepted by GROSS from foreign companies reflects significant achievements. First, establishing strong partnerships with leading global brokers highlights GROSS's compliance with international standards and requirements. The second important point is the substantial growth in reinsurance agreements, which reflects our commitment to risk diversification and optimizing our insurance portfolio. The result of the hard work of the entire GROSS team is the trust on the global insurance market as a reliable partner capable of effectively managing risks and ensuring stability," said Otabek Nazarov, Chairman of the Board of GROSS Insurance Company.
A hallmark of the company's sustainable development is the steady growth of revenue. GROSS's revenue from insurance services increased by 167%, totaling 140.8 billion sums for the first six months of the current year. Over the past three years, the number of contracts concluded has increased by 125%, and GROSS has assumed obligations totaling 227.7 trillion sums (a 171% increase).
GROSS's development is also reflected in the share it occupies in the national insurance market, now standing at 6.3% (up from 5.6% in 2023). The company’s authorized capital has been increased to 70 billion sums.
GROSS places special emphasis on diversifying its insurance product portfolio. This reduces risks associated with potential losses on individual insurance policies, which positively impacts stability, optimizes profitability, and improves the overall financial condition of the company.
Today, GROSS offers its clients 137 insurance products across various areas. The company’s portfolio includes all types of mandatory insurance required by the laws of Uzbekistan, as well as insurance for professional and civil liability, vehicles (including automobiles, special machinery, railway and air transport), property (both personal and commercial), financial risks, and personal insurance (health, travel, accidents).
In March 2024, GROSS launched "Takaful" insurance, based on Islamic financing principles, and significantly expanded its offerings in June. Under the Takaful principles, GROSS developed insurance for the following risks:
● For vehicles (V) that are pledged or leased, mandatory insurance as an analogue of OSAGO, and comprehensive insurance, including vehicle damage or loss and civil liability to third parties;
● For special machinery: pledged or leased (for all types of machinery, including those mounted on automobile chassis);
● For property: pledged, leased, or insured against fire and natural disasters;
● For cargo: voluntary insurance;
● For health: voluntary medical insurance (GROSSTIMED). The Takaful insurance products of GROSS are approved by the Muslim Administration of Uzbekistan.
GROSS’s efforts in the development of the Uzbek insurance market have been recognized with national and international awards.
In January 2024, GROSS received the International Finance Awards in the "Best Non-Life Insurance Company" category for its significant contribution to the development of the insurance sector in the economy.
In May, GROSS became the recipient of the "Brand of the Year" award for the third time from the Committee for the Development of Competition and Protection of Consumer Rights of the Republic of Uzbekistan and the Marketing Association of Uzbekistan. The company also received a special award "For Leadership in the Number of Positively Settled Insurance Claims in Uzbekistan in 2023." Last year, GROSS settled 99.4% of submitted insurance claims. The total payout to claimants amounted to over 81 billion sums.
In June, the international rating agency Fitch Ratings confirmed the financial stability rating of GROSS Insurance Company at "B+" with a "Stable" outlook. The rating reflects the favorable business profile of the company, its strengthening financial performance, and low investment risk.
