Uzbekistan’s insurers collect 7.01 trillion soums in premiums from January to September 2024

Tashkent, Uzbekistan (UzDaily.com) — Over the first nine months of 2024, insurance companies in Uzbekistan collected a total of 7.01 trillion soums in premiums, an increase of 18.6% compared to the same period last year, according to data from the National Agency for Perspective Projects (NAPP).

The majority of premiums—6.85 trillion soums (+20.7%) — were generated by companies operating in the general insurance sector. Meanwhile, life insurance firms collected 167.15 billion soums, reflecting a 29.7% decline compared to the previous year.

Insurance payouts during the reporting period rose by 18.8%, reaching 1.63 trillion soums. General insurance accounted for 75% of total payouts (1.54 trillion soums), while life insurance contributed 25% or 97.63 billion soums.

According to NAPP data, as of 1 October 2024, there were 35 insurance companies operating in Uzbekistan, seven fewer than in the same period of last year. Of these, five companies specialized in life insurance, a decrease of three companies year-on-year.

The total investment volume of insurance companies reached nearly 6.3 trillion soums, representing an 8.0% increase compared to the previous year. Deposits accounted for 69.1% of investments, securities for 20.7%, and real estate for 7.1%.

Apex Insurance led the general insurance segment, collecting 2.3 trillion soums in premiums, a 64.8% year-on-year increase. Uzbekinvest ranked second with 0.8 trillion soums (-13.6%), while Kafolat SK came third with 0.5 trillion soums (-2.4%).

In the life insurance sector, Apex Life Insurance topped the list with premiums amounting to 114.5 billion soums (+161.3%). It was followed by Alfa Life Insurance, which collected 21.0 billion soums (-32.1%), and Kafolat Hayot Insurance, which gathered 14.2 billion soums (-21.8%).

Gross sug’urta kompaniyasi ranked first in terms of the number of active policies, maintaining 1.02 million policies (+12.9%). Uzbekinvest came second with 1.014 million policies (+1.4%), while My Insurance secured the third position, showing remarkable growth with 1.003 million policies (+102.8%).