The decline in market volumes was observed both in the life insurance sector, which decreased by almost 50% y-o-y, and the non-life one. However, the decline in the non-life sector was not as significant. Among non-life segments, only voluntary classes dropped, while compulsory ones recorded increase y-o-y.
Market paid claims also declined by about 11% overall, mainly thanks to the life insurance, while non-life paid claims saw significant growth in compulsory segments and in voluntary insurance.
As of July 1, 2020, 36 companies operated on the Uzbek insurance market, 8 of them provide life insurance services. The non-life ranking is headed by UZBEKINVEST and UZAGROSUGURTA with a negligible gap in their GWP volumes. In the life insurance sector, there is also a slight gap between the two leaders. O'zbekinvest Hayot is behind New Life Insurance by a bit more than 1%.
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- Uzbekistan 1H2020 Market portfolio
- Uzbekistan 1H2020 Ranking of non-life and life insurance companies