At the end of 1H2024, the insurance sector of Uzbekistan grew by 13% y-o-y and amounted to UZS 4.27 trillion (EUR 317 million), according to data published by the National Agency for Prospective Projects of the Republic of Uzbekistan.

Total paid claims of local companies amounted to UZS 1.11 trillion (EUR 83.10 million), which is 26.38% more y-o-y in local currency. Sector-wise, it is worth noting that life insurance found itself in a difficult situation: premiums decreased by 60%, and paid claims - by 75%. The only company that saw growth in this segment was Apex Life Insurance, which collected UZS 45.4 billion in premiums.

Despite this, the financial indicators of the market recorded positive dynamics. Total charter capital of insurance companies increased by 10.5%, reaching UZS 2.3 trillion, total investment volume increased by 17.8%, amounting to UZS 6.1 trillion. Significant growth was observed in real estate investments, which grew by 40.5%, although investments in the charter capital of enterprises decreased by 26.1%.

During this period, the number of insurance companies dropped by 14.6%, from 41 to 35. The decline is especially noticeable in the life insurance segment, where the number of companies decreased by 37.5% - the licenses of companies such as Asko-Vostok, Unipolis, Universal Sug’urta and Sharq-Sug’urta were canceled, while DD General Insurance and Agros Hayot suspended their activities.

The leaders in terms of GWP in non-life insurance are Apex Insurance (UZS 1.5 trillion), Uzbekinvest (UZS 499 billion) and Kafolat (UZS 305.1 billion). At the same time, Apex Life Insurance is the leader in life insurance, occupying 57% of this market.

Access xprimm.com and download the latest statistics of the insurance market of Uzbekistan for 1H2024 in UZS and EUR.