UZBEKISTAN: UZBEKINVEST recorded an y-o-y growth of 168% in 1H

3 August 2022 —
In the first half of 2022, UZBEKINVEST, the leader of the local insurance market, collected UZS 240 billion (~EUR 21.16 million), which means an annual increase of 168%, wrote.

It is noted that the company is actively involved in the development of the insurance industry and demonstrates sustainable dynamics and stable growth of key business indicators. National exporters of goods and services were provided with insurance protection in the amount of USD 1.1 billion, which accounted for 29% of Uzbekistan's non-commodity exports.

During the first six months, the company also developed insurance operations in the international insurance and reinsurance markets. The volume of gross reinsurance premiums amounted to UZS 149.6 billion (or USD 13.8 million), which is 2.5 times more than in the same period of 2021. The share of export of insurance services in the company's insurance portfolio reached 62%.

In the corporate segment, the company collected UZS 49.5 billion with an increase of 136% compared to the first half of 2021, while in the segment of insurance of individuals, GWP amounted to UZS 26.7 billion.

The company's paid claims in the first half of the year amounted to UZS 33.9 billion. At the same time, the company ensured a reduction in its costs of up to 97% compared to 2021.

*EUR 1 = UZS 11338.74 (01.07.2022)