TRENDS AND DEVELOPMENT STRATEGIES FOR UZBEKISTAN'S INSURANCE SECTOR: A QUANTITATIVE ASSESSMENT OF GENERAL AND LIFE INSURANCE PERFORMANCE

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 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.