Uzbekistan’s National Reinsurance Company Receives License to Operate in Reinsurance Sector

Tashkent, Uzbekistan (UzDaily.com) — JSC NPO “O’ZBEKISTON QAYTA SUG’URTA KOMPANIYASI” (National Reinsurance Company) has officially obtained a license to carry out activities in the reinsurance sector.

The decision to issue the license was made by the National Agency for Advanced Projects on 2 September 2025.

The license was granted in accordance with Presidential Decree No. PP-191 of 23 May 2025, “On Measures to Further Improve the Reinsurance System in the Country,” as well as the requirements of the Law on Licensing, Permit, and Notification Procedures and Cabinet of Ministers Resolution No. 80 of 21 February 2022.

Obtaining the license allows the company to officially operate exclusively in the field of reinsurance, marking an important step in the development of the national insurance system and strengthening the financial resilience of the sector.

As early reported, Anvarjon Gafforov, formerly head of JSC Hamkor Sug’urta, has been appointed as CEO of the National Reinsurance Company.

The establishment of the National Reinsurance Company was envisaged by Presidential Decree No. PP-191. The company’s primary focus will be to provide reinsurance protection for investments, including risks faced by both foreign and domestic investors in the implementation of projects in Uzbekistan.

For 2025, the company has set key objectives: to increase the volume of the domestic reinsurance market to 4 trillion soums, raise exports of reinsurance services by at least 30%, and attract up to 150 billion soums in investments through international cooperation.

The National Reinsurance Company will provide all types of reinsurance under the law, including comprehensive coverage for direct and portfolio investments, as well as insurance coverage for investment projects of foreign and domestic investors.

With an initial authorized capital of no less than 300 billion soums (approximately US$23 million), the company will become one of the largest players in the domestic market in terms of paid-in capital. The state will own 50% of the shares, with the National Agency for Advanced Projects representing the government in the company’s capital.

Moody’s notes that the establishment of a national reinsurance company will consolidate domestic reinsurance resources and strengthen the financial resilience of Uzbekistan’s insurance sector.