STATISTICS: UZBEKISTAN, FY2020: life insurance lost more than 10% of its share in the market portfolio in a year

25 February 2021 —
The insurance sector of Uzbekistan ended 2020 with a 4.50% GWP drop y-o-y (in local currency). Total amount decreased to UZS 2,209.67 billion (EUR 172.82 million*), according to data published by the Ministry of Finance of the Republic.

The market continued the trend of the third quarter of the year, recording a decline only in life insurance - almost by 43%, at that only voluntary life insurance decreased, while mandatory, on the contrary, increased significantly. However, it is worth noting that over the year, life insurance in general lost over 10% in the market portfolio, while non-life insurance expanded its share to almost 85%.

Total paid claims decreased by 9.64% to UZS 735.11 billion (EUR 57.49 million), again, due to their decline in voluntary life insurance. Paid claims in compulsory types and voluntary non-life insurance, on the contrary, saw a big increase.

The non-life insurance sector gained two new participants and the total number of non-life insurers reached 30 at the end of December 2020. UZBEKINVEST came back to its leading position from the second, which it had occupied at the end of the third quarter, and Gross Insurance moved to the second place, at the same time demonstrating, despite the difficult economic situation, the largest GWP growth among TOP-5 non-life insurers. The number of life insurers has not changed and remained at 8. New Life Insurance remains the leader, although the company's GWP dropped by more than 58% y-o-y.

* at the following exchange rate:

1 EUR =12786.03 UZS (December 31st, 2020)

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