STATISTICS: UZBEKISTAN, 3Q2020: Decline in voluntary life insurance made the market decrease by more than 11% y-o-y

10 December 2020 — Marina MAGNAVAL
Total market GWP at the end of the third quarter of 2020 decreased by 11.43% y-o-y, to UZS 1,587.71 billion (~EUR 132.27 million*). It should be noted that the decline was only due to the fall in life insurance, according to the data published by the Ministry of Finance of the Republic.

At the same time, compulsory life insurance has demonstrated the highest growth rates in the market. Non-life insurance remained in the positive area also thanks to the growth in compulsory types, while voluntary non-life insurance remained practically unchanged (in local currency, +0.21%).

The market paid claims in general decreased by more than 15%, also due to their decline in voluntary life insurance. At the same time, paid claims in the rest of the market segments recorded significant growth y-o-y.

Out of 28 non-life insurers in Uzbekistan, Gross Insurance took the leading position, having moved up from its third place a year earlier. UZBEKINVEST moved down and ranked second, while UZAGROSUGURTA ranked third. In the life insurance sector, which is represented by 8 companies, New Life Insurance is still leading, although the drop in life insurance market volumes led to a decrease in the company's market share by almost 11%.

* at the following exchange rate:
1 EUR =12,003.57 UZS (September 30th, 2020)

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