At the end of 3Q2024, the insurance sector of Uzbekistan grew by 18.64% y-o-y and amounted to UZS 7.01 trillion (EUR 494.28 million), according to data published by the National Agency for Prospective Projects of the Republic of Uzbekistan.

It is worth noting that 98% of all premiums come from non-life insurance, which grew by 21.32% over the first three quarters. Life insurance accounts for less than 2% of the market portfolio, and its share has decreased y-o-y. About 92% of all market premiums are collected in voluntary insurance, while the share of compulsory insurance decreased slightly and amounted to about 6%.

Total paid claims of the local companies reached UZS 1.63 trillion (EUR 115.14 million), which is 18.77% more y-o-y. The largest amounts were paid in credit insurance, civil liability insurance of vehicle owners, motor hull and employer’s civil liability insurance.

The leaders in terms of GWP in non-life insurance are Apex Insurance (UZS 2.30 trillion), O’ZBEKINVEST (UZS 810.80 billion) and Kafolat (UZS 526.53 billion). While Apex Life Insurance is leading in life insurance, occupying 68% of the segment.

Access xprimm.com and download the latest statistics of the insurance market of Uzbekistan for 3Q2024 in UZS and EUR.