STATISTICS: UZBEKISTAN, 1Q2022: the market expanded by 93% y-o-y

22 September 2022 —
STATISTICS: UZBEKISTAN, 1Q2022: the market expanded by 93% y-o-y
According to the results of the first quarter of 2022, the insurance market of Uzbekistan grew by 93% y-o-y in local currency, to UZS 1,294.69 billion (EUR 101.88 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.

Life insurance saw extremely rapid growth, having increased by 170%. Its share in the market portfolio reached 26%. It should be noted that growth of life insurance was supported by voluntary insurance, while compulsory life insurance, on the contrary, decreased by almost half. Non-life insurance growth rates were more moderate, but also quite high - over 75%.

Paid claims compared to the first quarter of last year increased by 82% to UZS 511.45 billion (EUR 40.25 million). They grew in almost all classes, except for employer's liability insurance (from compulsory types) and insurance against illnesses (from voluntary types).

Of the 34 non-life insurers, ALFA INVEST SUG'URTA KOMPANIYASI is in first place in terms of GWP, its market share is approaching 15%, while the former leader O'ZBEKINVEST has moved down to second place, and APEX INSURANCE occupies third place with a small margin. Of the 8 life insurers, NEW LIFE SUG'URTA KOMPANIYASI remains the leader, which owns over 39% of the life insurance market in Uzbekistan.

Access and download the latest Uzbekistani insurance market statistics for 1Q2022.