Over the year, this indicator in real terms exceeded 3.7 trillion soums.

The Agency for the Development of the Insurance Market has published summary indicators of the industry for 2021.

As follows from the report, as of the end of 2021, 42 insurance companies are operating on the market, 23 of which are members of the Payment Guarantee Fund. The number of active insurance agents exceeded 3.5 thousand. The total authorized capital of the companies increased by 106.5 billion soums compared to the previous year and amounted to over 1.5 trillion soums.

Over the past year, the total volume of insurance premiums exceeded 3.7 trillion soums, which is 68.6% more than in 2020.

Insurance premium is the amount that the counterparty (citizen or company) pays to the insurance company in accordance with the contract or the law. The indicator is used as one of the criteria for the development of the insurance market.

According to the results, life insurance is leading in terms of the growth in the volume of insurance premiums — an increase of more than twice, from 334.3 to 717 billion soums, mainly due to voluntary insurance (+122%). Chairman of the Board of Directors of the Association of Professional Participants of the Insurance Market of Uzbekistan Oybek Khalilov explained such a sharp increase by the recovery of the market after the pandemic 2020.

Nevertheless, the general insurance industry accounts for 81% of the total insurance premiums. This direction added 60.5%, exceeding the mark of 3 trillion soums. The voluntary insurance segment also grew rapidly here (+64.7%), the premium portfolio is estimated at 2.5 trillion soums.

The main direction within the framework of voluntary general insurance is credit insurance. It accounts for 23.7% of all premiums in this segment. In real terms, the amount exceeded 600 billion soums, which is 83.4% higher than it was a year earlier. In second place is the insurance of land vehicles (307.4 billion, +40.8%), in third place is the general civil liability (207 billion, +407.5%).

General compulsory insurance with a premium volume of 476.7 billion soums occupies 13% of the market. A little less than half is the insurance of civil liability of vehicle owners — 229.12 billion (+30.6%). The second largest area is the civil liability of the employer (165.6 billion, +62.3%), the third is construction and installation risks (42.1 billion, +63.6%).

The owners of the largest premium portfolios were Uzbekinvest (385.4 billion soums), Gross Insurance (343.8 billion), Uzagrosugurta (260.9 billion). For three companies, this indicator decreased over the year - Universal-Sug'urta (-15.7%), Omad Sug'urta (-14%), and Garant Insurance Group (-2.4%).

In terms of regions, Tashkent is the leader in this indicator — 1.8 trillion soums, which has added 86.1% in this component. Karakalpakstan is in the second position (135.8 billion, +179.1%), Tashkent region is in the third position (124.7 billion, -23%).

Source