STATISTICS: UZBEKISTAN, 1H 2018: voluntary insurance in local currency jumped by more than 116%, while in euro this growth amounted to about 4%

19 September 2018 — Marina MAGNAVAL
In the first half year, Uzbek insurers generated UZS 817.6 billion (EUR 89.12 million) of GWP, which in local currency means a y-o-y growth of 87.53%, while in euro the market GWP dropped by 10.19% due to significant depreciation of UZS against EUR, according to the data of the Ministry of Finance of Uzbekistan.

Voluntary classes increased by 116.25% while mandatory insurance went up by only 14.88%. Rapid growth of premiums let the voluntary segment increase its market share from 71.67% to 82.65% and the share of mandatory insurance decreased to 17.35% accordingly. Paid claims of voluntary classes also went up (+31.21%). In euro growth of paid claims, both in the total market and by segments, show negative results and in terms of GWP, positive figures in euro was recorded only by voluntary insurance (+3.56%).

It's worth noting that during the past 2 years, life insurance has been demonstrating significant increases in market share. In the first half year 2018, GWP of the life market went up 2.9 times, while premiums of the non-life sector increased by 71.5%, as a result, total market share of life insurers reached 20.8%.

Based on 1H 2018 result, first place in terms of GWP belongs to UZAGROSUGURTA with growth rate of 43.77% in local currency, UZBEKINVEST was moved to 2nd place, with a GWP growth of 173.84% and paid claims that went up by only 16.5%. TOP-5 leaders also include Gross Insurance and New Life Insurance, thanks to their GWP rapid growth (144.27% and 223.3%) and KAFOLAT. In terms of paid claims, O'zbekinvest Hayot is still the market leader (UZS 34.2 billion), followed by New Life Insurance and Agros Hayot.

Access and download 1H2018 Uzbek insurance market statistics.

Find detailed 1H2018 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - 1H2018, to be launched on 21 October, in Baden Baden

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