STATISTICS: UZBEKISTAN, 1Q2020: Life insurance dropped by more than 36%, while mandatory classes saw impressive growth

16 July 2020 — Marina MAGNAVAL
In 1Q2020, the market of Uzbekistan reduced volumes by 3.77% in local currency, to UZS 503.12 billion (EUR 47.3 million*). The down trend was recorded in life insurance and voluntary types, while non-life and mandatory insurance increased, according to the data, published by the Ministry of finance of the Republic.

The largest decrease was in life insurance (-36.05% y-o-y). At the same time, mandatory types demonstrated impressive growth by almost 23%.

Market paid claims in general remained almost at the level of the first quarter of 2019 (-1.80%), although in non-life and mandatory insurance there was a strong increase of paid claims - over 70% in both cases.

At the end of 1Q2020, 28 insurance companies were operating on the Uzbek market. The five leaders occupy more than 54% of total market GWP. Although it's worth noting that all the leaders decreased their market shares compared to 1Q2019. In terms of GWP among TOP-5, UZBEKINVEST generated premiums almost 33% less y-o-y, and Gross Insurance also recorded a slight decline in premium collection.

* for the following exchange rate:

1 EUR = 10637.67 UZS (March 31st, 2020)

Download the latest statistical data on at Uzbek insurance market.

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