The insurance sector of Uzbekistan ended 2022 with a y-o-y growth of almost 67%, total GWP rose to UZS 6,231.72 billion (EUR 520.97 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.

Life insurance continued its strong growth trend (+112%), increasing its share in the market portfolio to almost 25%. At the same time, non-life insurance, despite impressive growth, reduced its share in the total market by about 5% from the level a year ago.

Among the insurance classes that have recorded significant growth, it's worth noting voluntary life insurance, accident and illness insurance, motor hull, and cargo insurance.

Paid claims increased by 110% y-o-y to UZS 2,596.92 billion (EUR 217.10 million). The largest part of paid claims fell on life insurance, namely voluntary (UZS 1,488.81 billion).

Out of 34 non-life insurers, O'ZBEKINVEST keeps its first place in 2022, whose share in the non-life market has grown to almost 20%, APEX INSURANCE ranks second (almost 17%). Among 8 life insurers, the leader is NEW LIFE SUG'URTA KOMPANIYASI, which covers 46% of the life insurance market.

Access xprimm.com and download the latest Uzbekistan insurance market statistics for FY2022 in EUR and UZS.