STATISTICS: UZBEKISTAN, 1H2023: the share of life insurance in total premiums down from 28% to 5%

6 September 2023 — Marina MAGNAVAL
STATISTICS: UZBEKISTAN, 1H2023: the share of life insurance in total premiums down from 28% to 5%

1H2023 results show that the insurance sector of Uzbekistan saw a significant growth - by 36.34%, reaching UZS 3,778.18 billion (EUR 301.81 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.

It is worth noting that the market is exclusively supported by non-life insurance, which increased by almost 81% over the period, occupying about 95% of the entire market portfolio. While life insurance continues to fall, GWP has decreased y-o-y by more than 75%, and its share in total premiums has fallen from 28% to 5%.

The classes with the largest share in market premiums, such as Motor Hull and credit insurance, grew significantly, by 166.91% and 61.32% respectively. At the same time, some non-life classes ended the first half of the year with a decrease - employer's civil liability and insurance against fires and natural disasters.

Paid claims decreased by 23.44% in the market. However, in non-life insurance, their growth was 41%.

Of the 33 non-life insurers, APEX INSURANCE ranked first in 1H2023, rising from third place a year earlier. O‘ZBEKINVEST ranks second in the non-life market, and KAFOLAT SUG‘URTA KOMPANIYASI closes the top three leaders. Among the 8 life insurers, AGROS HAYOT is the leader with a share of 25%, which displaced the previous leader - NEW LIFE SUG‘URTA KOMPANIYASI to 4th place.

Access xprimm.com and download the latest Uzbekistan insurance market statistics for 1H2023 in EUR and UZS.


 

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