STATISTICS: UZBEKISTAN, 3Q2021: the market continues to grow rapidly with GWP increasing by almost 66% y-o-y (UZS)

17 November 2021 — Marina MAGNAVAL
By the end of 3Q2021, the insurance sector of Uzbekistan continued its rapid growth trend, increasing GWP by almost 66% y-o-y to UZS 2,632.51 billion (EUR 211 million), according to the data published by the Ministry of Finance of the Republic.

Life insurance grew by more than 95%, reaching an 18% stake in the market portfolio, while the growth rate of non-life insurance was more moderate, but nevertheless also impressive - over 60% y-o-y, and accounted for about 82% of total market GWP.

Paid claims accelerated growth after the second quarter, jumping 63% compared to the same period of 2020, to UZS 802.37 billion.

Out of 33 non-life insurers, Gross Insurance continues to lead with a market share of over 12%, UZBEKINVEST keeps the second position, and UZAGROSUGURTA ranks third. Among 8 life insurers, New Life Insurance holds the lead, increasing its share to 38%.

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

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