Why is this important
The insurance sector is becoming a more prominent investor in the real economy. The move towards real estate reflects the search for more profitable and long-term instruments, which can influence the asset market and the strategies of financial institutions.
What happened
34 insurance companies operate in Uzbekistan, including 6 in the life insurance sector;
the share of deposits in portfolios decreased from 69% in the first quarter to 61%;
The share of real estate increased from 8% to 19%; securities — from 19% to 17%;
Apex Insurance led in insurance premiums in total insurance — 2 trillion soums (+31.3%);
in life insurance, Apex Life insurance ranks first — 309.4 billion soums (+580.7%);
My-Insurance leads in the number of existing contracts — 1.3 million (+42%).
Context:
In 2024, Uzbekistan’s insurance sector showed growth amid reforms and the entry of new players. International regulatory standards (such as IFRS 17 and Solvency II) are being gradually adopted in the country. The sector remains small compared to banking — insurers’ assets represent less than 2% of GDP.
