Why is this important
The insurance sector is emerging as one of the fastest-growing segments of the financial market. Life insurance has become a leader in terms of growth, which has boosted investor interest and heightened competition within the industry.
What happened
- Total insurance market: 5.85 trillion soums (+39.6%);
- Life insurance: 384.22 billion soums (+385.6%);
- Payments: 1.24 trillion soums (+11.6%), including life benefits — 64.46 billion soums (-5.9%);
- Company obligations: 2.98 sq. sum (+44.6%);
- Investments: 8.34 trillion soums (+36.5%), of which 61% is in deposits, 17% in securities, 19% in real estate;
- Companies: 34 players, including 6 in life insurance.
Market leaders
- Total insurance: Apex Insurance — 1.08 trillion soums; My-Insurance — 354.5 billion; Uzbekinvest — 312.3 billion;
- Life insurance: Apex Life Insurance – 248.2 billion (+449%), TBC Sug’urta — 38.6 billion, Alfa Life Insurance — 18 billion (+69%);
- Payments: Apex Insurance — 287.2 billion (−31%), My-Insurance — 181.9 billion (+42%), Gross Insurance — 97.4 billion (+92%).
Context
The market is consolidating: the number of companies has fallen to 34. Meanwhile, competition is heating up in the life insurance sector, where several players are showing three-digit growth rates simultaneously.
