According to the 3Q results, the insurance market of Uzbekistan grew by 69.51% y-o-y (in local currency), to UZS 4,462.28 billion (EUR 418.02 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.

Life insurance continues to grow rapidly, at the end of September its growth rate reached almost 135%. It should be noted that the growth in the segment is supported only by voluntary insurance, while compulsory life insurance is declining.

Non-life insurance also significantly increased y-o-y, by 52.27%. Unlike life insurance, both compulsory and voluntary insurance are growing in this segment. Virtually all non-life classes recorded y-o-y growth, except for property damage insurance and GTPL.

Paid claims increased compared to the third quarter of last year by 135.08% to UZS 1,886.23 billion (EUR 176.70 million). In life insurance, they jumped quite significantly. It is noteworthy that 63% of all paid claims were for life insurance and most of all on voluntary.

Out of 34 non-life insurers, O'ZBEKINVEST ranked first after the first three quarters, with a share of over 14% in the non-life market, with APEX INSURANCE in second place (almost 14%). Of the 8 life insurers, the leader is NEW LIFE SUG'URTA KOMPANIYASI, whose share has grown to 48.63%.

Access xprimm.com and download the latest Uzbekistan insurance market statistics for 3Q2022.