Insurance companies based in Uzbekistan, Kazakhstan, Azerbaijan, and Georgia have established an international reinsurance pool named "Turan," Forbes.kz reports.
The memorandum for the pool's formation was signed on December 23 in Tashkent by representatives from Halyk (Kazakhstan), Apex Insurance (Uzbekistan), AzRe Reinsurance (Azerbaijan), and Aldagi (Georgia). Managed by American insurance broker Marsh & McLennan Companies, the pool's authorized capital will be $6mn, with Halyk and AzRe Reinsurance contributing $2mn each, Apex Insurance contributing $1.5 million, and Aldagi contributing $0.5mn.
Umid Khalikov, a member of Apex Insurance's supervisory board, explained that insurance premiums and losses will be settled in the policy currency, and transactions between non-residents will be conducted in U.S. dollars. The reinsurance will cover risks in various sectors, including construction, energy, finance, fleet, aviation, property, and civil liability. The priority line for Turan is set at up to $5mn, with a quota line up to $40mn, increasing to $100mn by the end of 2024.
Khalikov highlighted that Turan aims to create additional reinsurance capacity for CIS players amid a decline in Russian volumes. Kaisar Abdir, the head of Halyk, mentioned that the geopolitical situation prompted the association's creation, although the idea originated two years ago.
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