Uzbek insurers collect 381 billion soum worth premiums in 3 months

The insurance market of Uzbekistan showed a rapid growth in the 1Q, compared to previous periods. Analysis of the data of the Ministry of Finance of the Republic of Uzbekistan shows that the total volume of insurance premiums on the market reached 381 billion soums, 83% up year-on-year.

The main drivers of market growth during the period under review were voluntary types of insurance. Products related to the life insurance industry showed particularly high growth rates.

Following 1Q results, the volume of premiums under voluntary types of insurance on the market reached 316 billion soums. This indicator reflects a two-fold increase compared to the previous year. The share of voluntary insurance on the market increased by 14 percentage points and reached 82.9%. The share of compulsory types of insurance, respectively, comprised 17.1%.

The dynamics of the development of life insurance in the country is particularly noteworthy. The volume of premiums for companies operating in the life insurance industry in the reporting period increased by 2.9 times and reached 70.4 billion soums. The life insurance industry has been showing a constant growth over the past 2-3 years, with the number of companies operating in this industry gradually increasing.

The volume of premiums for companies operating in the general insurance industry showed a significantly high growth rate compared to previous periods. During the period under review, the volume of premiums in the general insurance industry increased by 69.3% and reached 310.6 billion soums. This level of growth rate is quite a successful indicator for the general insurance industry, as it exceeds the corresponding indicators of the previous years by twice.

As a result of the above mentioned changes, the share of life insurance companies in the market increased by 6.7 percentage points and reached 18.5%. The share of companies in the general insurance industry, respectively, amounted to 81.5%. As While maintaining the existing tax regime for the life insurance industry, it is expected that within 3-5 years the share of life insurance in the market will reach about 50%.

Financial analysis and rating Department

Information-rating Agency SAIPRO