At the end of 2024, the insurance sector of Uzbekistan grew by 21.22% y-o-y and amounted to UZS 9.77 trillion (EUR 727.16 million), according to the data published by the National Agency of Prospective Projects (NAPP).

Almost 98% of all premiums came from non-life insurance, while life insurance accounted for only 2.45% of the market portfolio.

In the non-life insurance segment, voluntary insurance recorded significant growth (+24%), the largest classes of which are credit insurance and Motor Hull. Voluntary non-life insurance accounts for almost 91% of the total market volume. At the same time, compulsory insurance grew by only 5%.

Insurers' paid claims increased by 9%, reaching UZS 2.02 trillion (EUR 164.08 million). It is worth noting that in life insurance paid claims fell by almost 75% y-o-y, while in non-life insurance they grew by 32.42%.

The leaders in terms of GWP in non-life insurance are Apex Insurance (UZS 2.75 trillion), O’zbekinvest (UZS 1.27 trillion) and Kafolat (UZS 738.65 billion). These three leaders remained unchanged. In life insurance, Apex Life Insurance continues to lead, occupying almost 78% of the segment.

Access xprimm.com and download the latest statistics of the insurance market of Uzbekistan for FY2024 in UZS and EUR.