The growth rate in life insurance was even more rapid even though compulsory life insurance decreased by 26% y-o-y in UZS (-33% in EUR). The share of life insurance in the market portfolio reached almost 17%. At the same time, the non-life segment grew in both voluntary and compulsory types of insurance.
Market paid claims saw a very moderate growth - by only 8.34% (and even dropped by 2% in EUR), amounting to UZS 488 billion (EUR 38.64 million). Even though life insurance occupies a small share in the GWP portfolio, the largest amount of paid claims fell on this segment (UZS 253 billion), while insurers paid about UZS 235 billion for non-life insurance.
Out of 33 non-life insurers, Gross Insurance came out on top with almost 16% of the market and moved UZBEKINVEST to the second position. The third place is occupied by UZAGROSUGURTA, with the smallest y-o-y GWP increase among the five non-life leaders. In the life insurance segment, out of 8 companies, New Life Insurance holds the leadership, occupying about 34% of this market.
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