Shavkat Inamov, Uzbekistan

 

Joint Chief Executive Officer, Uzbekinvest International Insurance
Company Ltd (UIIC) and Chartis Uzbekinvest Ltd
Young Leaders Program (’04)

 

 

 

 

Shavkat Inamov has been serving as Joint Chief Executive of Uzbekinvest International Insurance Company Limited (UIIC) and Chartis Uzbekinvest Limited since September 2008. The companies are based in London and deal with promoting new foreign investment in infrastructure, natural resource development and industrial production in Uzbekistan by providing political risk insurance to foreign investors. Prior to moving to London, Shavkat gained experience in the management of financial services and insurance operations at Uzbekinvest in Tashkent where he worked for three and a half years, first as General Manager of the Export Credits and Investments Insurance Department and later as First Deputy Director General.

 

Shavkat earned a diploma in Economics from Tashkent State University in 1995 and spent much of the early days of his career in various capacities at the Geology Development Commercial Bank and the National Bank for Foreign Economic Activity. He moved to the Cabinet of Ministers in 2002 where he worked as Chief Officer of the Department of External Economic Relations and Foreign Investments until he came to GRIPS and enrolled in the Young Leaders Program in October 2003.

 

What is your area of specialization and how did you come to work in this area?

My current area of specialization is political risks insurance, a very specialized and rapidly growing area of business. How I came to work in this area? After having been involved in financial services development in Uzbekistan as a government officer at the Cabinet of Ministers, I was promoted in 2005 to Uzbekinvest National Export-Import Insurance Company (UNEIIC) with the mission to assist in the development of foreign relations and export credit insurance system in Uzbekistan. UNEIIC is a 100% state-owned holding company with a mission to promote inward foreign investments into the economy of Uzbekistan and enhance the growth of export potential by means of providing reliable insurance cover against political, natural and combined risks.

 

UNEIIC has the status of the state agent for export credit and investments insurance. The Chairman of the Council of UNEIIC is Minister of Finance of Uzbekistan as 83,3% of shareholding capital of UNEIIC is owned by Ministry of Finance. The rest is owned by the National Bank of Uzbekistan.

 

After three years of service for UNEIIC as a First Deputy Director General where I was responsible for all insurance business within the holding and Chairmanship of Insurance Committee, in September 2008 I was promoted to Joint Chief Executive Officer (CEO) of two joint-venture companies – Uzbekinvest International Insurance Company (UIIC), and Chartis Uzbekinvest Limited – based in the City of London.

 

Please tell us about the joint-venture companies and your responsibilities as CEO.

UIIC is an insurance company specialized in political risks insurance only, registered in England, authorized and regulated by the UK Financial Services Authority. UIIC’s asset managers are HSBC and Clariden Leu (100% owned by Credit Suisse), auditor – PWC.

 

The main objective of the company is to encourage new foreign investment in infrastructure, natural resource development and industrial production in Uzbekistan by providing political risk insurance to foreign investors. UIIC targets both new “Greenfield” investments and investment in state assets or enterprises that are being converted to foreign private ownership.

 

Until September 2009 it was a joint venture company with the American International Group, Inc. (AIG), and with more than 14 years no-claims partnership with AIG, UIIC became strong and well-known company in the political risks’ insurance market. UIIC’s authorised share capital is US$ 50 mln and the company is currently 100% owned by the Uzbek Government through Uzbekinvest National Export-Import Insurance Company. All business insured by UIIC is accepted on its behalf by an underwriting agency company, Chartis Uzbekinvest Limited, established for this purpose and owned 51% by Chartis Overseas Limited and 49% by Uzbekinvest National Export-Import Insurance Company.

 

My key responsibilities as CEO of these two companies are similar to those of any head of a company such as overseeing the overall general management, including commercial lines, finance, investments, claims, legal matters and compliance, marketing, etc. Also, as representative of Uzbekinvest, I’m regularly participating in the Berne Union’s Prague Club Annual Meetings.

 

What are some of the biggest challenges you face in your work and what has been the most rewarding aspect of your career thus far?

The biggest challenge for me was when a few weeks after I started working in London, the global financial crisis “officially” started. I was faced with the challenge of having to make many difficult decisions instantly while trying to minimize losses during the market collapse. Despite these difficulties, I managed to close 2008 with a profit, and 2009 with 9,4% growth.

 

In your current capacity, what do you see as the main opportunities and challenges for Uzbekistan over the course of the next five to ten years?

Uzbekistan has not been dramatically affected by the global financial crisis, because it is, more or less, an autonomous country and is not very much depending on external resources. It has strong industrial, services and agricultural sectors and its commercial banks do not have any serious liquidity problems. I believe that Uzbekistan, being a country with great potential and opportunities, has a great future ahead.

 

What led you to GRIPS? What was the most important thing you learned while here? And how has your experience at GRIPS prepared you for future endeavors?

I was fortunate to be selected for the Young Leaders Program (YLP). Because of its specialization, high quality education and its amazing opportunities to meet with government officials from different ministries and local authorities, as well as top executives from world famous companies, YLP is an outstanding program. Studying at GRIPS also offers fantastic opportunities to make many friends worldwide, and the excellent location and facilities make it a great place for academic study. GRIPS helped me to reorganize and “refuel” myself. My studies at GRIPS enabled me to upgrade my knowledge and education level and to prepare me better for future endeavors.

 

If you could choose another profession to be in, what would it be?

I’m happy with what I do. Currently, I’m in a very interesting position where I can act as a bridge between public and private sectors and help the two to understand each other’s needs.

 

Though UIIC’s main shareholder UNEIIC is a 100% state owned company, UIIC is a private insurance company, and I’m FSA registered executive of the private company. In Uzbekistan, officially I am currently not a civil servant, but I’m in reserve. And Chartis Uzbekinvest – the other company that I am CEO of – is a member of the Chartis Group and I am thus with a leading global insurance company that operates in 180 countries. As such I have become acquainted with all major players in the international political risks insurance market, which probably could open up new opportunities for me. Anything related to financial services is very interesting for me, especially global financial related, such as international financial institutions. I’m also interested in investment finance and investment banking. And having worked closely with UIIC’s asset managers (HSBC and Credit Suisse), I have already two years of investment management experience. But as said, for the time being I am happy with my current job as intermediary between the public and private sector.

 

What is your fondest memory of your time spent at GRIPS?

The time I spent with my friends from around the world, our student friendship, our games (football, tennis, badminton, etc.); the very good GRIPS staff, including all professors; our amazing well-organized field trips; and of course – Japan itself with its very pleasant people and ancient culture.

 

What do you miss about Japan and what do you like about living in London?

Japan is very special. I like Japan very much and miss just about everything. Japan is a country where everything is for the people. UK is also good, but Japan is unique.

 

What is your favorite thing to do when you are not working?

I like travelling with my family, sightseeing. The UK has many interesting places to see and explore too.

 

 

How do you maintain a balance between your work and the rest of your life?

I like my job, it’s a part of my life. I try to finish all my work within normal working days and hours. For me, my family comes first. I do not have any problems with maintaining the balance between my work and the rest of my life. The difference lies in liabilities and responsibilities. If you manage them properly in both parts, you will have a balanced life.

 

What advice would you give to current GRIPS students?

Don’t waste your time for nothing. Use the given opportunity to the maximum. Good luck!