STATISTICS: UZBEKISTAN, 1H2021: GWP growth exceeded 67% y-o-y (in local currency)

23 August 2021 — Marina MAGNAVAL
In the first half of 2021, the insurance sector of Uzbekistan grew by more than 67%, GWP reached UZS 1,697.91 billion (EUR 134.44 million), according to the data published by the Ministry of Finance of the Republic.

The growth rate in life insurance was even more rapid even though compulsory life insurance decreased by 26% y-o-y in UZS (-33% in EUR). The share of life insurance in the market portfolio reached almost 17%. At the same time, the non-life segment grew in both voluntary and compulsory types of insurance.

Market paid claims saw a very moderate growth - by only 8.34% (and even dropped by 2% in EUR), amounting to UZS 488 billion (EUR 38.64 million). Even though life insurance occupies a small share in the GWP portfolio, the largest amount of paid claims fell on this segment (UZS 253 billion), while insurers paid about UZS 235 billion for non-life insurance.

Out of 33 non-life insurers, Gross Insurance came out on top with almost 16% of the market and moved UZBEKINVEST to the second position. The third place is occupied by UZAGROSUGURTA, with the smallest y-o-y GWP increase among the five non-life leaders. In the life insurance segment, out of 8 companies, New Life Insurance holds the leadership, occupying about 34% of this market.

Access xprimm.com and download the latest Uzbek insurance market statistics.



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