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TRENDS AND DEVELOPMENT STRATEGIES FOR UZBEKISTAN'S
INSURANCE SECTOR: A QUANTITATIVE ASSESSMENT OF GENERAL
AND LIFE INSURANCE PERFORMANCE
Kengesov Diyorbek Umidovich
Postgraduate (Master’s level) student of
Karakalpak State University named after Berdakh
ORCID: 0009-0004-4822-5820
Nurniyazova Dilnoza Arzubay qizi
Undergraduate (Bachelor’s level) student of
Karakalpak State University named after Berdakh
Khalmuratova Dilnaz Suleyman qizi
Undergraduate (Bachelor’s level) student of
Karakalpak State University named after Berdakh
Abstract. The study examines the evolution of Uzbekistan’s insurance sector
during 2022–2024, analysing both general (non-life) and life insurance companies
using official industry statistics. We employ secondary data from insurers and the
National Agency for Prospective Projects (NAPP) to compare total premiums and
claims by year, and rank companies by market share. Trend analysis highlights that
non-life insurance grew rapidly, driven by credit and motor lines, whereas life
insurance contracted sharply. Leading firms (notably APEX Insurance) expanded
their dominance in general insurance. Claims paid also increased, especially in non-
life lines (total claims were ~UZS 2 trillion in 2023), while life insurance pay-outs
declined. We interpret these trends in light of market concentration, regulatory
actions (license revocations) and macroeconomic factors (inflation, tax incentives).
The paper concludes with recommendations to improve market stability: strengthen
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prudential and transparency standards (e.g. insurer rating systems), expand
insurance coverage (agricultural and health schemes), and adopt international best
practices to boost competitiveness and inclusion.
Keywords: Uzbekistan; insurance market; general (non-life) insurance; life
insurance; premium growth; regulatory reform.
Introduction.
The insurance sector plays a critical role in financial markets
by pooling risk and mobilising savings, thereby supporting economic growth and
stability. In Uzbekistan, recent liberalisation and financial sector reforms have
created an enabling environment for insurers to modernise and expand. The
government has aligned insurance regulations with international standards and
encouraged new products (e.g. agro‐insurance) to broaden protection. Despite rapid
recent growth, the sector remains small relative to GDP. NAPP reports indicate that
at end-2023 only 34 non-life and 8 life insurers were active, and total insurance
premiums equate to well under 1% of GDP – far below the 4–6% typical in
developed countries. Insurance penetration in Uzbekistan is constrained by low
public awareness and limited product diversity. Modernisation efforts (e.g. digital
platforms) are underway to improve outreach, especially in rural areas. Thus,
understanding recent performance trends is essential for assessing the sector’s
contribution to financial market development. This paper analyses 2022–2024 data
on premiums and claims in both general and life lines, using official statistics to
identify growth patterns, market structure changes and policy implications.
Literature review.
Globally, insurance industry literature emphasises its
importance for economic resilience, financial stability and social protection [1, 2].
Insurers are strongly linked with capital markets and long-term finance [2], making
their development a priority in emerging economies. Recent studies highlight
challenges such as low insurance penetration, high market concentration, and the
need for robust supervision to build trust [1, 2]. Digitalisation and data analytics are
identified as key trends: insurers worldwide are adopting new technologies to reduce
costs, extend coverage to underserved segments, and speed claims processing.
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Regulatory reforms (including risk-based solvency standards and corporate
governance) are also seen as critical for market stability and attracting investment
[1].
In Central Asia, insurance markets have grown quickly from low baselines,
often driven by compulsory lines and credit guarantees. For example, from 2017–
2018 Uzbekistan’s premiums surged nearly 80% as the number of insurers expanded
to 30 and voluntary insurance dominated [3]. However, high growth has coexisted
with low density: in 2018 insurance assets were only about 0.6% of GDP [4].
Regional literature (e.g. Kazakhstan, Kyrgyzstan) notes similar patterns of
underdevelopment, with calls for enhanced supervision and innovation. A recent
report on Uzbekistan highlights structural shifts: life insurance expanded under tax
incentives but remains a small share of the market, while non-life lines (especially
credit, motor and now financial risk insurance) account for the bulk of business [5,
6]. Regulatory trends include merger of insurance oversight into the National
Agency for Prospective Projects and gradual alignment with IAIS principles.
Overall, studies emphasize that the insurance sector’s development is strongly
influenced by macroeconomic stability, regulatory quality and consumer protection
measures [1, 2].
Research methodology.
This study utilises secondary statistical data on
insurance performance from 2022 through 2024. The main sources are official
publications by Uzbekistan’s insurers and the National Agency for Prospective
Projects (NAPP), which collects industry aggregates and individual company
results. Data include annual gross written premiums and claims paid, by company
and by line of business (general vs life insurance). We perform descriptive statistical
analysis to compare year-on-year changes, compute compound growth rates, and
rank firms by premium volume and claims paid. Trend analysis is used to identify
growth trajectories, while cross-sectional comparisons highlight market
concentration. Qualitative assessment of the findings is informed by documented
policy changes (e.g. licence revocations, tax law amendments) that occurred over
the period. This approach allows us to trace how aggregate indicators (total
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premiums, pay-outs) and firm-level performance evolved, and to relate these
quantitative trends to structural and regulatory developments in the Uzbek insurance
market.
Analyses and results.
Table 1. Analysis of insurance premiums collected by insurance companies
operating in the general insurance network [8]
in million UZS
№ INSURANCE COMPANY NAME
YEARS
2022
(Annual)
2023
(Annual)
2024
(9
months)
1
«APEX INSURANCE» JSC
782 518
2
010
933
2 309 518
2
«O‘ZBEKINVEST» EISK JSC
930 534
1
233
860
810 801
3
«KAFOLAT SUG‘URTA KOMPANIYASI»
JSC
315 509
704 384
394 902
4
«MY-INSURANCE» JSC
196 281
337 727
313 867
5
«GROSS SUG‘URTA KOMPANIYASI»
JSC
296 858
450 151
526 535
6
«KAPITAL SUG‘URTA» JSC
149 672
300 222
264 898
7
«ALFA
INVEST
SUG‘URTA
KOMPANIYASI» JSC
301 867
235 494
192 626
8
«KAFIL SUG’URTA» JSC
110 407
178 209
213 409
9
«INSON» JSC
93 392
170 713
205 432
10 «ALSKOM» JSC
92 746
149 736
128 087
11 «O‘ZAGROSUG‘URTA» JSC
323 286
393 044
210 294
12
«SQB
INSURANCE
SUG‘URTA
KOMPANIYASI» JSC
78 156
135 546
186 877
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13 «IMPEX-INSURANCE» JSC
75 429
139 741
110 792
14 «TRUST-INSURANCE» JSC
25 404
50 832
107 452
15 «TEMIRYO‘L SUG‘URTA» JSC
156 438
255 488
224 535
16 «EUROASIA INSURANCE» JSC JV
121 749
88 930
69 909
17 «XALQ SUG‘URTA» JSC
36 971
40 973
64 255
18 «INFINITY INSURANCE» JSC
15 785
34 371
69 126
19 «NEO INSURANCE CORP» JSC
13 184
53 552
20
«ISHONCH SUG‘URTA KOMPANIYASI»
JSC
32 946
49 002
45 243
21
«ASIA
INSURANCE
SUG‘URTA
KOMPANIYASI» JSC
57 780
75 474
45 197
22 «INGO-UZBEKISTON» JSC
41 582
85 426
66 698
23 «GLOBAL INSURANCE GROUP» JSC
40 715
57 010
35 681
24 «SEMURG SUG‘URTA» JSC JV
32 175
69 293
35 434
25
«MOSAIC INSURANCE COMPANY» JSC
JV
18 845
79 813
76 798
26 «IMKON SUG’URTA» JSC
64 526
70 223
25 199
27 «HAMKOR SUG’URTA» JSC
25 635
28 709
21 363
28 «ARIA SUG‘URTA TASHKILOTI» JSC
18 274
15 780
22 101
29 «OMAD SUG‘URTA» JSC
34 843
29 755
16 242
30 ** «ASKO-VOSTOK» JSC JV
122 693
168 343
31 *** «DD GENERAL INSURANCE» JSC
30 656
53 400
32 ** «UNIPOLIS» JSC
8 934
8 019
33 ** «UNIVERSAL SUG‘URTA» JSC
15 730
8 610
34 ** «SHARQ-SUG‘URTA» JSC
18 552
14 845
** The insurance company's license has been revoked.
*** The insurance company's operations have been temporarily suspended.
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The table displays the amount of insurance premiums collected by various
insurance companies operating in Uzbekistan’s general insurance network for the
years 2022 and 2023, along with data for the first nine months of 2024. The figures
are measured in million Uzbek soums (UZS).
Overall, the data reveals a general upward trend in premium collections
across most companies between 2022 and 2023, with several companies maintaining
strong performance in the partial data for 2024. APEX INSURANCE,
O‘ZBEKINVEST, and GROSS SUG‘URTA KOMPANIYASI consistently stand
out as the leading companies in terms of collected premiums.
In 2022, O‘ZBEKINVEST was the top performer, collecting approximately
930.5 billion UZS, followed closely by APEX INSURANCE with around 782.5
billion. GROSS SUG‘URTA KOMPANIYASI also collected a notable amount of
296.7 billion UZS. Other companies such as ALFA INVEST and KAFIL
SUG‘URTA collected moderately high premiums, exceeding 100 billion UZS.
In 2023, a significant increase is evident for most leading firms. APEX
INSURANCE more than doubled its collections to 2,010.9 billion UZS, overtaking
O‘ZBEKINVEST, which also grew to 1,233.9 billion. MY-INSURANCE JSC and
GROSS SUG‘URTA likewise saw large increases, with premiums reaching 337.7
billion and 450.5 billion respectively. Notably, several smaller firms such as
TRUST-INSURANCE and TEMIRYO‘L SUG‘URTA also nearly doubled their
collections compared to the previous year.
By the first nine months of 2024, APEX INSURANCE had already collected
2,309.5 billion UZS, suggesting it will significantly surpass its 2023 total by year-
end. O‘ZBEKINVEST followed with 810.3 billion, and MY-INSURANCE
maintained a strong trajectory with 526.5 billion UZS. Some companies, like SQB
INSURANCE and KAFIL SUG‘URTA, also sustained growth. In contrast, a few
firms such as UNIPOLIS and SHARQ SUG‘URTA recorded no data, likely due to
license revocations or operational suspensions.
In conclusion, the table highlights strong and consistent growth among the
top insurance companies in Uzbekistan over the observed period, with APEX
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INSURANCE emerging as the clear market leader. The continued expansion of
premium collections indicates a growing and possibly consolidating insurance
sector.
Table 2. Analysis of insurance premiums collected by insurance companies
operating in the life insurance industry [8]
in million UZS
№ INSURANCE COMPANY NAME
Years
2022
(Annual)
2023
(Annual)
2024
(9
months)
1
«APEX INSURANCE» JSC
100708
63705
114530
2
*** «AGROS HAYOT» JSC
169492
61299
10129
3
**
«NEW
LIFE
SUG‘URTA
KOMPANIYASI» JSC
720759
58938
4
«O’ZBEKINVEST
HAYOT
SUG‘URTA KOMPANIYASI» JSC
101577
55954
7243
5
«ALFA LIFE INSURANCE» JSC
170383
38649
21002
6
** «EUROASIA LIFE INSURANCE»
JSC
133453
21192
7
«KAFOLAT HAYOT INSURANCE»
JSC
146516
20622
14249
8
** «FAROVON SUG‘URTA» JSC
16567
2132
** The insurance company's license has been revoked.
*** The insurance company's operations have been temporarily suspended.
The table provides data on the total amount of insurance premiums collected
by life insurance companies in Uzbekistan for the years 2022 and 2023, as well as
for the first nine months of 2024. Figures are presented in millions of Uzbek soums
(UZS).
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Overall, the data shows a significant decline in collected premiums for most
companies between 2022 and 2023, with only a few showing signs of recovery or
growth in 2024. NEW LIFE SUG‘URTA KOMPANIYASI was the dominant
company in 2022, while APEX INSURANCE emerged as the leading performer in
2024 based on partial-year data.
In 2022, NEW LIFE SUG‘URTA KOMPANIYASI collected the highest
amount of life insurance premiums at over 720.7 billion UZS, followed by
O‘ZBEKINVEST HAYOT SUG‘URTA KOMPANIYASI (101.6 billion) and
ALFA LIFE INSURANCE (170.4 billion). Other major contributors included
KAFOLAT HAYOT INSURANCE and EUROASIA LIFE INSURANCE, each
collecting between 130–150 billion UZS.
However, in 2023, there was a noticeable drop in collections across almost
all companies. For example, NEW LIFE collected only 58.9 billion UZS, a dramatic
fall from its previous total. Similarly, ALFA LIFE’s collections shrank to just 38.6
billion, and EUROASIA LIFE declined to 21.1 billion UZS. APEX INSURANCE
also saw a decrease in 2023, but by 2024 had recovered strongly, reaching 114.5
billion UZS in just nine months – the highest in that year so far.
By 2024, while some companies (such as APEX and KAFOLAT HAYOT)
showed signs of renewed growth, several others, including NEW LIFE and
EUROASIA LIFE, had no reported data – likely due to suspended operations or
revoked licenses. AGROS HAYOT’s collections fell sharply from over 169 billion
in 2022 to just over 10 billion in 2024.
In summary, the life insurance industry in Uzbekistan experienced a sharp
downturn in 2023, with limited signs of recovery in 2024. APEX INSURANCE
appears to have become the dominant player in the latest reporting period, amid a
volatile market.
Table 3. Analysis of insurance payments made by insurance companies
operating in the general insurance network [8]
in million UZS
№ Insurance company name
Years
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2022
(Annual)
2023
(Annual)
2024
(9
months)
1
«APEX INSURANCE» JSC
252 316
455 676
550 822
2
«O‘ZBEKINVEST» EISK JSC
78 689
132 371
142 085
3
«KAFOLAT
SUG‘URTA
KOMPANIYASI» JSC
59 713
112 720
83 217
4
«MY-INSURANCE» JSC
52 352
112 081
145 362
5
«GROSS SUG‘URTA KOMPANIYASI»
JSC
76 793
81 043
84 828
6
«KAPITAL SUG‘URTA» JSC
66 662
114 418
107 253
7
«ALFA
INVEST
SUG‘URTA
KOMPANIYASI» JSC
47 058
27 287
45 686
8
«KAFIL SUG’URTA» JSC
34 983
73 989
38 186
9
«INSON» JSC
11 269
17 251
35 779
10 «ALSKOM» JSC
53 145
43 047
38 862
11 «O‘ZAGROSUG‘URTA» JSC
43 896
50 318
35 454
12
«SQB
INSURANCE
SUG‘URTA
KOMPANIYASI» JSC
19 835
28 057
31 132
13 «IMPEX-INSURANCE» JSC
9 004
27 850
28 204
14 «TRUST-INSURANCE» JSC
631
17 144
6 581
15 «TEMIRYO‘L SUG‘URTA» JSC
11 984
29 811
40 456
16 «EUROASIA INSURANCE» JSC JV
39 679
35 435
10 921
17 «XALQ SUG‘URTA» JSC
4 868
10 856
13 017
18 «INFINITY INSURANCE» JSC
1 868
1 028
2 235
19 «NEO INSURANCE CORP» JSC
140
6 962
20
«ISHONCH
SUG‘URTA
KOMPANIYASI» JSC
6 790
9 668
4 533
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21
«ASIA
INSURANCE
SUG‘URTA
KOMPANIYASI» JSC
28 063
23 795
15 486
22 «INGO-UZBEKISTON» JSC
7 765
7 916
11 972
23 «GLOBAL INSURANCE GROUP» JSC
14 414
31 098
15 701
24 «SEMURG SUG‘URTA» JSC JV
15 193
12 623
6 065
25
«MOSAIC INSURANCE COMPANY» JSC
JV
1 874
5 464
10 153
26 «IMKON SUG’URTA» JSC
24 905
34 788
17 407
27 «HAMKOR SUG’URTA» JSC
27 324
5 141
3 645
28 «ARIA SUG‘URTA TASHKILOTI» JSC
1 203
2 369
1 511
29 «OMAD SUG‘URTA» JSC
1 885
5 207
2 703
30 ** «ASKO-VOSTOK» JSC JV
26 489
43 762
31 *** «DD GENERAL INSURANCE» JSC
2 530
2 412
32 ** «UNIPOLIS» JSC
150
704
33 ** «UNIVERSAL SUG‘URTA» JSC
2 018
837
34 ** «SHARQ-SUG‘URTA» JSC
25 958
12 067
** The insurance company's license has been revoked.
*** The insurance company's operations have been temporarily suspended.
The table provides information on the total insurance payments made by
general insurance companies in Uzbekistan for the years 2022 and 2023, as well as
for the first nine months of 2024. The values are given in millions of Uzbek soums
(UZS).
Overall, APEX INSURANCE consistently recorded the highest amount of
insurance pay-outs across all three years, while several other companies, including
O‘ZBEKINVEST and MY-INSURANCE, also demonstrated substantial increases
in their payments. A general upward trend is observed in pay-outs over time,
indicating a growing volume of claims being settled.
In 2022, APEX INSURANCE made the largest payments, amounting to
252.3 billion UZS. Other notable contributors included O‘ZBEKINVEST (78.7
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billion), KAPITAL SUG‘URTA (66.7 billion), and GROSS SUG‘URTA (66.8
billion). Many companies, such as INSON, TRUST-INSURANCE, and IMPEX-
INSURANCE, had relatively low pay-outs, with some under 10 billion UZS.
In 2023, a significant rise in payments can be seen for most insurers. APEX
INSURANCE nearly doubled its pay-outs to 455.7 billion UZS, while MY-
INSURANCE increased its payments from 52.4 billion to 112.1 billion. KAFOLAT
SUG‘URTA and SQB INSURANCE also saw large growth, with payments rising
to 120.7 billion and 69.6 billion respectively.
The trend continued into 2024, where in just nine months, APEX
INSURANCE had already disbursed 550.8 billion UZS—surpassing its 2023 total.
Other firms such as MY-INSURANCE and KAFOLAT SUG‘URTA continued to
show upward momentum, with payments of 135.5 billion and 83.3 billion UZS
respectively. On the other hand, some companies, such as TRUST-INSURANCE
and ARIA SUG‘URTA, recorded lower pay-outs, remaining below 10 billion UZS
for the entire period.
In summary, the data reveals a consistent rise in insurance pay-outs across
Uzbekistan’s general insurance sector from 2022 to 2024, particularly driven by
leading firms such as APEX, MY-INSURANCE, and O‘ZBEKINVEST. This
pattern suggests both increasing coverage and a growing volume of claims handled
by the industry.
Table 4.
Analysis of insurance payments made by insurance companies
operating in the life insurance industry [8]
in million UZS
№ Insurance company name
Years
2022
(Annual)
2023
(Annual)
2024
(9
months)
1
«APEX INSURANCE» JSC
82 762
74 726
47 066
2
*** «AGROS HAYOT» JSC
166 093
87 323
12 515
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3
**
«NEW
LIFE
SUG‘URTA
KOMPANIYASI» JSC
722 522
70 860
¾
4
«O’ZBEKINVEST HAYOT SUG‘URTA
KOMPANIYASI» JSC
106 485
96 672
17 186
5
«ALFA LIFE INSURANCE» JSC
153 575
39 314
16 185
6
** «EUROASIA LIFE INSURANCE»
JSC
116 012
41 621
¾
7
«KAFOLAT HAYOT INSURANCE» JSC 143 991 20622
4 685
8
** «FAROVON SUG‘URTA» JSC
17 920
11 381
¾
** The insurance company's license has been revoked.
*** The insurance company's operations have been temporarily suspended.
The table illustrates the total amount of insurance payments made by life
insurance companies in Uzbekistan from 2022 to 2024 (first nine months), with
figures presented in millions of Uzbek soums (UZS).
Overall, the data shows a significant decline in insurance pay-outs across
most companies over the observed period. In 2022, NEW LIFE SUG‘URTA
KOMPANIYASI recorded the highest payments by a large margin, whereas in 2024,
most companies reported either low pay-outs or none at all, possibly due to
operational issues or suspensions.
In 2022, NEW LIFE made the highest payments, reaching approximately
722.5 billion UZS. This was followed by ALFA LIFE INSURANCE with 153.6
billion and KAFOLAT HAYOT with 144 billion UZS. O‘ZBEKINVEST HAYOT
and EUROASIA LIFE also made substantial payments, standing at 106.5 billion and
116 billion respectively. In contrast, FAROVON SUG‘URTA had the lowest pay-
out, totalling just 17.9 billion UZS.
By 2023, there was a significant decrease in disbursements for most
companies. For example, NEW LIFE’s payments dropped drastically to 70.9 billion
UZS, while ALFA LIFE fell to only 39.3 billion. APEX INSURANCE and
O‘ZBEKINVEST HAYOT also experienced moderate declines, with payments of
74.7 billion and 96.7 billion UZS respectively.
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In 2024, the downward trend continued. APEX INSURANCE paid only 47.1
billion UZS in the first nine months, while KAFOLAT HAYOT and ALFA LIFE
made even smaller payments, amounting to 4.7 and 16.2 billion respectively. NEW
LIFE and EUROASIA LIFE reported no data for this year, suggesting a suspension
of operations or data unavailability.
In summary, the table indicates a steady decrease in life insurance pay-outs
in Uzbekistan between 2022 and 2024. NEW LIFE was the dominant payer in 2022
but saw a sharp decline thereafter. Most companies show a similar trend, with the
life insurance sector appearing to contract in terms of claim settlements over time.
Conclusion and suggestions.
Our analysis reveals divergent fortunes for
general and life insurance in Uzbekistan during 2022–2024. The non-life sector
showed robust growth: aggregate premiums rose steeply (market GWP reached
UZS 9.77 trillion in 2024, up 21.2% from 2023), largely driven by voluntary lines
such as credit and motor insurance. By contrast, the life segment contracted
dramatically. After tax incentives were removed in 2023, life insurance premiums
fell by over 80%, shrinking its market share from ~25% in 2022 to under 4% in 2023
and to only 2% by 2024. In the general insurance market, pay-outs grew in line with
volumes (total claims paid were about UZS 2 trillion in 2023), reflecting an
expanding base of insured assets. Leading firms consolidated their positions: for
example, APEX Insurance emerged as the clear market leader in non-life insurance,
surpassing O‘ZBEKINVEST by end-2023. In life insurance, company rankings
shifted as well (APEX Life overtook New Life Insurance in 2023.
Underlying causes include market concentration and regulatory upheaval. A
few large groups dominate premium collections, suggesting limited competition.
NAPP revoked multiple insurer licences during this period, contributing to the exit
of weaker players (e.g. for life insurers) and reducing overall capacity.
Macroeconomic factors also played a role: high inflation and currency volatility
eroded demand for life products, while credit growth fuelled non-life lines. These
imbalances imply vulnerabilities: the market’s heavy reliance on non-life (especially
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a few lines) could expose insurers to correlated losses, and the collapse of life
business undermines social protection goals.
To enhance market stability and depth, specific policy actions are warranted.
Strengthening the regulatory framework is paramount: regulators should continue to
adopt international prudential standards and improve transparency. For example,
NAPP’s recent insurer rating system establishes clear service-quality criteria, and
similar initiatives could bolster consumer confidence. Expanding insurance
coverage through new products is also critical. The 2023 Law on Agricultural Risk
Insurance and the launch of a state health insurance scheme signal progress;
continuing to develop these schemes (with subsidies or public–private partnerships)
would extend protection to underserved populations. Life insurance in particular
may need incentives or awareness campaigns to revive demand (potentially restoring
tax benefits or introducing new life-savings products).
At the same time, market competition should be encouraged. Encouraging
entry of new insurers (including digital and foreign-backed firms) and discouraging
undue concentration will enhance service quality and innovation. Digitalisation and
data-driven underwriting can reduce costs and expand outreach to rural areas,
aligning with the “Digital Uzbekistan 2030” agenda. Finally, improving insurance
literacy is essential so that more citizens appreciate the value of coverage. Taken
together, these measures – combining regulatory vigilance with market development
initiatives – can help create a more resilient, competitive insurance sector that
contributes to Uzbekistan’s financial stability and economic growth.
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– Official website of National Agency of Perspective Projects.
