STATISTICS: UZBEKISTAN, 3Q2019: paid claims jumped by almost 96% y-o-y

7 November 2019 —
STATISTICS: UZBEKISTAN, 3Q2019: paid claims jumped by almost 96% y-o-y
From January to September 2019, GWP of the Uzbek insurance sector increased by 51.23% in local currency, to UZS 1 792.56 billion (EUR 172.64 million). Market growth in euro looks less impressive due to depreciation of SOM compared to 3Q2018 currency quote.

At the same time, the paid claims jumped by almost 96% and reached UZS 579 557.60 million (EUR 55.82 million), as the data published by the Ministry of Finance of the Republic shows.

For the first 9 months of the year, the share of voluntary insurance on the market grew up to 87.19% of total market, while the share of mandatory classes was 12.81%, mandatory insurance losing 4.15 pts. y-o-y in front of voluntary classes. Voluntary insurance showed impressive growth rates both in terms of GWP and paid claims.

As of October 1, 2019, total number of the market participants was 27. However, TOP-5 insurers occupy more than 61% of the market volume, showing a high degree of concentration. UZBEKINVEST was the leader in terms of GWP (UZS 241 782 million/EUR 23.29 million), UZAGROSUGURTA ranked 2nd - the company has shifted from the leadership position held in 3Q2018, while the 3rd place, as before, was held by Gross Insurance (with a 13.08% market share).

Access and download 3Q2019 Uzbek insurance market statistics.

  • Uzbekistan 3Q2019 market portfolio and rankings (in EUR and UZS):
    • GWP
    • Paid claims
    • Growth rates
    • Market shares