STATISTICS: UZBEKISTAN, 3Q2018: voluntary insurance is still the market driver (+117%)
Market GWP went up by 90.5% y-o-y. All 27 insurers made some contribution into GWP, 23 of them provide general insurance and 4 companies - life insurance.
Voluntary classes drive the market. For 9 months voluntary premiums increased by almost 117% y-o-y. Mandatory insurance went up by about 20%, to UZS 201 billion. As a result of this incredible growth in voluntary insurance the market share of voluntary classes reached 83%, and the share of mandatory insurance decreased from 27% to 17%.
However, growth was also recorded by the paid claims as well. Totally paid claims for 3 quarters increased by almost 50% to UZS 296.3 billion. In this case voluntary classes also demonstrated impressive growth of paid claims (+64%). Mandatory types' paid claims went up only by 7%.
Life insurers also recorded growth against the market general increasing trend. The biggest volume of GWP was collected by New Life Insurance (UZS 103.4 billion), followed by Agros Hayot (UZS 88.6 billion), O'zbekinvest Hayot and lfa Life. Based on 3Q2018 result, the life market share of New Life is 36.6% and Agros Hayot owns 31.3%.
According to the Ministry of Finance of Uzbekistan, insurance investments in 3Q2018 went up by 29%. The biggest shares in total investment volume of insurers are accounted for by deposits (51.1%), securities (35.9%) and property (6.7%).
*EUR 1 = UZS 9,492.35 (30.09.2018)
The 3Q2018 market overview, presented by the Department of Financial Analysis and Rating of the Rating Agency SAIPRO, is available by the link (in Russian only)
Access www.xprimm.com, and download 3Q2018 Uzbek insurance market statistics.