STATISTICS: UZBEKISTAN, FY2018: the market jumped by more than 79% in euro y-o-y

27 February 2019 — Marina MAGNAVAL
In 2018, the Uzbek insurance market went up by 76.31% y-o-y in local currency, and by 79.01% in euro, due to a more favorable exchange rate at the end of 2018, according to the market data, provided by the Ministry of Finance of the Republic.

Total GWP amounted to EUR 172.5 million. The major part was generated in voluntary insurance classes (83.89%), while the mandatory ones took a bit more than 16% of the marker portfolio, seeing their share drop significantly y-o-y.

Total paid claims also increased by 70.67% in UZS and 73.29% in EUR. The share of voluntary insurance here is prevailing and paid claims for the voluntary classes went up by 92.32% in 2018.

As of the end of 2018, the local market was represented by 30 companies (3 more than in 2017). Among the three market leaders, the shares of UZAGROSUGURTA and UZBEKINVEST went down in the market portfolio by more than 3% each in terms of GWP. The highest growth rate among the TOP-3 insurers in local currency was in New Life Insurance (+257.81%). However, the record growth both of GWP and paid claims among all the market companies had Agros Hayot (+902.57% of GWP and + 2,300.45% of paid claims), which ranks 5th in the market ranking.

Access, and download FY2018 Uzbek insurance market statistics.

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