STATISTICS: UZBEKISTAN, 1H2020: Volumes drop recorded both in GWP and paid claims

15 October 2020 — Marina MAGNAVAL
In the first half of 2020, the market dropped by almost 19% in local currency (almost 31% in euro), according to the data, published by the Ministry of finance of the Republic.

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%.

Access and download the latest Uzbek insurance market statistics.

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