STATISTICS: UZBEKISTAN, FY2023: GWP increased by 29%, while paid claims decreased by 22%

7 May 2024 — Marina MAGNAVAL
STATISTICS: UZBEKISTAN, FY2023: GWP increased by 29%, while paid claims decreased by 22%

At the end of 2023, the insurance sector of Uzbekistan grew by 29% to UZS 8,059.726 billion (EUR 586.94 million), as data published by the National Agency for Prospective Projects of the Republic of Uzbekistan show.

Compared to 2022, the share of life insurance in the market portfolio fell by more than 20% - from 24.47% to 3.53%. On the other hand, the share of non-life insurance increased significantly and reached 96%. The driver of the decline in life insurance was voluntary insurance, which decreased by 83% at the end of the year.

It is worth noting that 88% of all market premiums are generated in voluntary non-life insurance, in which the main contribution is made by credit insurance and motor hull.

Insurers’ paid claims decreased by 22% to UZS 2,022.054 billion (EUR 147.25 million), mainly due to a decrease in voluntary life insurance by 71%. The largest increase in paid claims was observed in insurance against accidents.

At the end of 2023, there were 34 non-life insurers and 8 life insurers operating in the market. In non-life insurance, APEX INSURANCE ranked first, pushing last year's leader O'ZBEKINVEST to second place. KAFOLAT SUG‘URTA KOMPANIYASI closes the top-3 in the segment. The life insurance ranking was headed by APEX LIFE INSURANCE, and the former leader, NEW LIFE SUG‘URTA KOMPANIYASI, moved down to third place.

Access xprimm.com and download the latest Uzbekistan insurance market statistics for FY2023 in EUR and UZS.


 

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