UZBEKISTAN: In 9M2023, UZBEKINVEST’s insurance business doubled

12 December 2023 — Marina MAGNAVAL
Over the first 9 months of 2023, the leader of the insurance market, Uzbekinvest, achieved a significant increase in its performance, collecting UZS 938.4 billion (~EUR 72.50 million) in premiums, which is 210% more y-o-y, the insurer reports.

The positive dynamics was largely due to the development of insurance operations in the international insurance and reinsurance market. The company generated gross reinsurance premiums in the amount of USD 35.5 million, which is 156% more than in 2022. At the same time, the share of exports of insurance services in the company’s insurance portfolio amounted to 42%. National exporters of goods and services were provided with insurance protection in the amount of USD 1.8 million.

Positive premium growth was also observed in the corporate segment, which amounted to UZS 479.1 billion with an increase of 3.4 times compared to 9M2022.

In the individual insurance segment, GWP reached UZS 65.1 billion, which indicates an increase of 177% y-o-y. The number of contracts with individuals increased by 130.6%.

As of early September 2023, Uzbekinvest strengthened its leading position in the market of compulsory civil liability insurance of vehicle owners. For 9 months of 2023, the company sold more than 635 thousand e-policies, which is equal to 81.1% of the total insurance policies sold.

*EUR 1 = UZS 12,943 (01.10.2023)