Tashkent, Uzbekistan (UzDaily.com) — Anvarjon Gafforov has been appointed as the head of the National Reinsurance Company (NRCS). He previously served as the CEO of JSC Hamkor Sug'urta.

According to the Unified State Register of Enterprises and Organizations, the NRCS was established on 18 July 2025.

The National Agency for Advanced Projects (NAP) — acting as the regulator of both the insurance and securities markets — registered the company’s initial share issuance of 80 billion soums to form its authorized capital.

The establishment of the national reinsurance organization was mandated by the Decree of the President of Uzbekistan No. PP-191 dated 23 May 2025.

According to the decree, the NRCS’s primary role will be to provide reinsurance protection for investments, including risks faced by both foreign and domestic investors in projects across the country.

The decree also outlines the company’s key objectives for 2025: increasing the domestic reinsurance market volume to 4 trillion soums, boosting exports of reinsurance services by at least 30%, and expanding international cooperation with up to 150 billion soums of investment in the sector.

The NRCS will offer all types of reinsurance in accordance with current legislation. Its priorities include providing comprehensive coverage for both direct and portfolio investments, as well as insurance protection for projects undertaken by foreign and domestic investors alike.

With an initial authorized capital of no less than 300 billion soums (approximately US$23 million), the company is set to become one of the largest players in Uzbekistan’s domestic insurance market by paid-in capital. The state will hold a 50% stake, with the National Agency for Advanced Projects representing the government’s interests.

Moody’s Ratings notes that the creation of a national reinsurance company in Uzbekistan will consolidate local reinsurance capacity and strengthen the overall financial stability of the country’s insurance sector.