UZBEKISTAN: from 2016 to 2023, the business of Uzbekinvest increased 12 times

21 February 2024 — Marina MAGNAVAL
The Uzbekinvest insurance company demonstrated positive development dynamics and ensured sustainable growth in key LoBs in 2023, writes.

The company is one of the leaders in terms of GWP in the insurance market of Uzbekistan, with UZS 1.2 trillion (~EUR 87.80 million), which is 1.3 times more y-o-y. Experts note that during the period from 2016 to 2023, the insurer’s GWP increased 12 times.

In 2023, the company provided insurance protection to national exporters of goods and services in the amount of USD 2.5 billion, which is equal to 36% of the total coverage of non-resource exports of Uzbekistan.

One of the company’s key achievements in 2023 was the dynamic and sustainable development of insurance operations in the international insurance and reinsurance markets. At the end of 2023, its reinsurance premiums amounted to USD 50.4 million. Over the past 7 years, the share of exports of services in the company's insurance portfolio has increased from 0.1% to 48.5%.

In the corporate segment, the company’s premiums reached UZS 464.2 billion, with a 2-fold increase by the end of 2023. Total premiums received from individuals reached UZS 104.7 billion, with an increase of 167% compared to end of 2022.

During 2023, the company's paid claims reached UZS 132.4 billion, with an increase of 168% y-o-y, the source emphasized.

*EUR 1 = UZS 13,667 (31.12.2023)