Life insurance - Uzbekistan | Statista Market Forecast

The Life insurance market market in Uzbekistan is expected to see significant growth in the coming years.
By 2024, the market size, measured by the gross written premium, is projected to reach US$2.01bn.
This indicates a strong potential for the Life insurance market sector in the country.
Furthermore, the average spending per capita in the Life insurance market market is estimated to be US$56.23 in 2024.
This figure reflects the amount of money spent by individuals on Life insurance market policies, highlighting the importance of this market segment for the population of Uzbekistan.
Looking ahead, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 2.36%.
This steady growth is expected to lead to a market volume of US$2.25bn by 2029.
These numbers demonstrate the positive trajectory of the Life insurance market in Uzbekistan.
In global comparison, it is worth noting that the United States is expected to generate the highest gross written premium in 2024, reaching a staggering US$1.3tn.
This highlights the dominance of the US market in the global Life insurance market industry.
Overall, the Life insurance market sector in Uzbekistan is poised for growth, with increasing market size and per capita spending.
This presents ample opportunities for both insurers and consumers in the country.
Uzbekistan's life insurance market is experiencing rapid growth as the country's middle class expands and demand for financial protection increases.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

Over the past few years, the Life insurance market in Uzbekistan has been experiencing significant growth and development. Customer preferences in the Uzbekistan life insurance market are shifting towards more comprehensive coverage options that provide financial security and stability for individuals and their families. Customers are increasingly seeking out policies that offer a wide range of benefits, including savings and investment opportunities, in addition to traditional life insurance coverage. Trends in the market indicate a growing awareness and understanding of the importance of life insurance among the population. As the economy in Uzbekistan continues to improve, more people are willing to invest in life insurance policies as a means of safeguarding their financial future. This trend is further supported by the rising middle-class population in the country, which has more disposable income to allocate towards insurance products. Local special circumstances, such as a rapidly expanding insurance industry and regulatory reforms, are contributing to the growth of the life insurance market in Uzbekistan. The government's efforts to promote the insurance sector and create a more favorable business environment for insurance companies have attracted both domestic and foreign insurers to the market. This increased competition has led to a greater variety of products and services being offered to customers, further driving market growth. Underlying macroeconomic factors, including stable economic growth, low inflation rates, and a growing emphasis on financial literacy, are also fueling the development of the life insurance market in Uzbekistan. As the country's economy continues to expand and diversify, more individuals and businesses are recognizing the need for adequate insurance coverage to mitigate risks and protect their assets. Overall, the life insurance market in Uzbekistan is on a positive trajectory, with increasing demand for comprehensive coverage options, a growing awareness of the benefits of life insurance, supportive local circumstances, and favorable macroeconomic conditions all contributing to its continued growth and development.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.