Uzbekistan’s insurance sector grew by around 29% year on year (yoy) in Q4/2023, reaching UZS1,669.17 billion (EUR134.42 million). This is according to data published by the Insurance Market Development Agency under the Ministry of Finance of Uzbekistan.
Reporting from the KedGlobal page, it should be noted that segment-based evolution is multidirectional. Life insurance fell dramatically by almost 56%, while the decline only occurred in the voluntary class. At the same time non-life insurance grew by 59%, growth recorded in both voluntary and mandatory classes.
Voluntary non-life insurance generates more than 80% of the market premium, while the most significant share in the market portfolio among all classes falls on marine hull over 15% and credit insurance over 16%, at which time both classes show very high growth rates Good.
Claims paid fell by almost 15%. The dynamics by segment were also uneven – claims paid for life insurance fell by around 49%, while claims paid for non-life insurance grew by 39%.
Out of 33 non-life insurance companies, Apex Insurance was ranked first in the first quarter of 2023, increasing its market share from 10% to 18%. At the same time, the market leader in the first quarter of 2022, Alfa Invest Sug’urta Kompaniyasi, fell to 17th position.
O’zbekinvest ranks second in the non-life market, and Kafalat Sugurta Kompaniyasi occupies the top three rankings. Among the 8 life insurance companies, the leader is Agros Hayot with almost 28% share, which shifted the life segment leader New Life Sug’urta Kompaniyasi to 3rd position.
Source : MEDIAASURANSINEWS
