In recent years, Uzbekistan has been undergoing structural changes in the financial sector: insurance is ceasing to be a formality, and venture investment is becoming a real driver of growth in the IT market. One of the major factors of this transformation has been the Semurg ecosystem, founded by entrepreneur Ulugbek Mirzamukhamedov.
Until recently, his name was associated primarily with real estate and construction projects, but today it is firmly linked to digitalization, InsurTech, and support for startups. Ulugbek Mirzamukhamedov has become a visionary and innovator whose company recently appeared in Forbes Kazakhstan as a case exemplifying a systematic approach to reforming the industry.
Insurance as the Foundation of Trust
The first major step toward modernizing Uzbekistan’s insurance market and developing fintech was the creation of Semurg Insurance in 2020. From the outset, the company focused on risk engineering for the agricultural sector—a critical area for a country vulnerable to climate shocks.
In partnership with international players, including Swiss Re, the team built an InsurTech stack: a digital client portal, online claims workflows, automated loss assessment based on field data and weather analytics, and pilots of parametric solutions against drought and crop losses. This shifts agribusinesses from “paper” policies to verifiable protection mechanisms, where limits and deductibles are grounded in data and payouts become more transparent and faster.
Industry growth underscores the demand for this approach: in 2024, total insurance premiums in Uzbekistan reached UZS 9.77 trillion, and the average premium per capita tripled over five years. Forecasts point to multiplying growth in the coming years driven by digitalization and a stronger actuarial base.
An additional focus has been ESG initiatives. Semurg Insurance became the first in the country to support a project to plant 20 million trees, ensuring the risks of its implementation and reinforcing the ecosystem’s commitment to sustainable development.
Venture Investment: New Horizons
In 2021, Semurg Venture Capital was established—the first private venture fund in Uzbekistan. Its goal is not only financing but also partnership: participation in company development, knowledge sharing, and building infrastructure.
“For us, venture investment is like launching stars in a galaxy. Some shine brighter, and we want to be among those who create the light,” the entrepreneur emphasizes.
Today, the fund’s portfolio includes:
- Multicard — a payment organization that processed $400 million in transactions in 2024 and whose valuation exceeded $10 million;
- Jett.uz — the country’s first neobroker, through which about 70% of trades on the Tashkent exchange pass;
- Rahmat — a service for paying bills and tips that has connected over 1,000 restaurants and is preparing to expand into Kazakhstan, Kyrgyzstan, and Georgia.
These projects form the infrastructure of the digital economy and demonstrate that venture capital in Uzbekistan cannot be niche but systemic.
Symbolism and Philosophy
Semurg is named after the mythical bird Semurg—a symbol of wisdom and rebirth. For Ulugbek Mirzamukhamedov, this is no accidental choice: “We reinterpreted the Semurg as a symbol of the industry’s rebirth. Insurance should not be a formality but a source of trust and resilience.”
The idea of combining the best practices of East and West underlies the holding’s business model. Semurg was conceived not as a standalone company but as an ecosystem that scales flexibly and becomes a catalyst for change.
Regional Perspective
For Ulugbek Mirzamukhamedov, Uzbekistan remains not just a starting point but the top priority. He sees the country’s future in a combination of demographic potential and new financial instruments. “In Uzbekistan alone, more than a million children are born every year. This is the foundation of sustainable development and confidence in the future,” he stresses. In his view, the national economy should be the first to gain access to Semurg’s modern solutions.
At the same time, regional scale is regarded as a natural extension. He sees Uzbekistan as the core of Central Asia, where more than 70 million people live and where demand for fintech and insurance is only now taking shape. In this perspective, the next step is the launch of a digital bank for small and medium-sized businesses, integrated with Semurg’s services. This project is conceived as an element of a platform ecosystem capable of setting new standards for the entire region.
Significance for the Market
The story of Semurg is more than a corporate case. It reflects the structural transformation of Uzbekistan’s financial sector: traditional insurance is being reimagined as data-driven risk management, while venture capital is becoming a tool for systemic change and the growth of the digital economy.
Semurg demonstrates that InsurTech and fintech can act as development drivers at the level of companies, entire industries, and even regions. Behind this stands the personal vision of Ulugbek Mirzamukhamedov, who has managed to combine tradition and innovation into a durable strategy of transformation.