UZBEKISTAN: O'ZBEKINVEST is leading in the market of electronic policies

7 June 2023 —
In the first quarter of 2023, the market leader, O'ZBEKINVEST, retained its leadership in the market for compulsory insurance of civil liability of vehicle owners. At the same time, the client base increased by 26% y-o-y, and GWP amounted to UZS 10 billion (+40%), according to the insurer.

Today, thanks to the use of online insurance, the company leads in the market of electronic policies in all respects.

O'ZBEKINVEST insures export contracts and loans against political and commercial risks. According to the results of the first quarter of 2023, the company assumed insurance liabilities in the amount of more than USD 511.8 million, which accounted for 34% of the coverage of non-commodity exports. For comparison, in the first quarter of 2022, this amount was USD 427.5 million.

In 1Q2023 total GWP of O'ZBEKINVEST amounted to UZS 230 billion/~EUR 18.55 million with an increase of 223% compared to the first quarter of 2022, thereby the company retained and strengthened its leadership in the insurance market of Uzbekistan.

From January to March 2023, the company processed 1,103 claims on insured events and paid out over UZS 22.3 billion to its customers, the report said.

*EUR 1 = UZS 12,396 (01.04.2023)