STATISTICS: UZBEKISTAN, 1Q2021: the market is recovering, growth exceeded 33% y-o-y (in UZS)

3 June 2021 — Marina MAGNAVAL
In the first quarter of 2021, the insurance market of Uzbekistan grew by more than 33% y-o-y in local currency, to UZS 669.36 billion (EUR 54.44 million), according to the data published by the Ministry of Finance of the Republic.

Life insurance saw impressive growth (over 57%), increasing its share in the market portfolio by 3%, while the growth rate of non-life insurance was much more moderate, with a decrease of its share in the total GWP portfolio also by about 3%.

Market paid claims grew rapidly, reaching UZS 280.67 billion. From the point of the market segmentation by voluntary and compulsory insurance, the bulk of paid claims falls on voluntary types (UZS 236.18 billion).

Out of 32 non-life insurers, UZBEKINVEST holds the leading position (UZS 67.51 billion of GWP). UZAGROSUGURTA, which ranked 2nd a year ago, moved down to the 7th place, yielding the second place to Euroasia Insurance. New Life Insurance continues to lead out of 8 life insurers, occupying 35% of this market.

Access and download the latest data of the Uzbek insurance market statistics.

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