STATISTICS: UZBEKISTAN, 1Q2024: the share of non-life insurance exceeded 98% of all premiums

11 June 2024 — Marina MAGNAVAL
STATISTICS:  UZBEKISTAN, 1Q2024: the share of non-life insurance exceeded 98% of all premiums

At the end of 1Q2024, the insurance sector of Uzbekistan grew by 32.64% y-o-y and amounted to UZS 2,213.96 billion (EUR 162.80 million), according to data published by the National Agency for Prospective Projects of the Republic of Uzbekistan.

The share of non-life insurance in the market portfolio exceeded 98% (vs 91% a year earlier), while life insurance generated only 1.69% of all premiums (vs almost 9% a year ago). It is worth noting that according to the quarterly results, life insurance fell by 75%, while non-life insurance increased by 43%.

One of the most significant classes of insurance (over 28% of all premiums) is credit insurance.

Paid claims increased by almost 30%, amounting to UZS 566.66 billion (EUR 41.67 million). At the same time, in life insurance paid claims decreased by almost 71%, and in non-life insurance they increased by 89%. It is worth noting that both premiums and paid claims in the life insurance segment decreased only in the voluntary insurance class.

At the end of 1Q2024, 29 non-life insurers operated in the Uzbekistani market, the leader among which is APEX INSURANCE (UZS 903.56 billion). The share of this company increased from 18% to 41% over the year. Of the 6 active life insurers, the undisputed leader is APEX LIFE INSURANCE (UZS 23.09 billion), occupying almost 45% of the segment.

Access xprimm.com and download the latest Uzbekistan insurance market statistics for 1Q2024 in EUR and UZS.


 

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