At the end of 3Q2023, the insurance sector of Uzbekistan grew by 33% to UZS 5,912.201 billion (EUR 460.76 million), according to the data published by the National Agency for Prospective Projects of the Republic of Uzbekistan.

Compared to 3Q2022, the share of non-life insurance increased significantly: from approximately 71% to almost 96%. At the same time, the share of life insurance dropped from 29% to 4%.

The main decrease in life insurance occurred in voluntary insurance (-83%). While almost all non-life classes saw positive dynamics, especially motor hull (+151%).

Paid claims of the insurers decreased by 27% to UZS 1,375.656 billion (EUR 107.21 million). This was mainly due to their reduction in voluntary life insurance by 71%.

At the end of 3Q2023, there were 34 non-life insurers and 8 life insurers operating on the market. In non-life insurance, the leader is APEX INSURANCE, which moved up from second place, recording a 218% y-o-y GWP increase. O'ZBEKINVEST moved down to second place, and KAFOLAT SUG'URTA KOMPANIYASI is closing the top-3 in the segment. The life insurance ranking is headed by AGROS HAYOT, and the former leader, NEW LIFE SUG‘URTA KOMPANIYASI, moved down to third place.

Access xprimm.com and download the Uzbekistan insurance market statistics for 3Q2023 in EUR and UZS.