Non-life insurances - Uzbekistan | Statista Market Forecast

The projected market size (gross written premium) of the Non-life insurance market in Uzbekistan is expected to reach US$1.67bn in 2024.
Furthermore, the average spending per capita in the Non-life insurance market is estimated to be US$46.93 in 2024.
Based on the forecasted data, the gross written premium is expected to experience an annual growth rate (CAGR 2024-2029) of 4.87%.
This growth rate will contribute to a market volume of US$2.12bn by the year 2029.
When compared globally, it is worth noting that the United States is anticipated to generate the highest gross written premium in the Non-life insurance market, reaching US$2.5tn in 2024.
Uzbekistan's non-life insurance market is experiencing steady growth due to increasing awareness and demand for coverage among its population.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Uzbekistan is experiencing significant growth and development.

Customer preferences: Customers in Uzbekistan are increasingly seeking non-life insurance products to protect their assets and mitigate risks. The demand for property insurance, motor vehicle insurance, and health insurance is on the rise as individuals and businesses recognize the importance of financial protection. This shift in customer preferences is in line with global trends towards greater insurance coverage for various aspects of life.

Trends in the market: One of the key trends in the non-life insurance market in Uzbekistan is the increasing adoption of digital channels for purchasing insurance products. Insurers are leveraging technology to reach a wider customer base and streamline the insurance buying process. Additionally, there is a growing focus on product innovation to meet the evolving needs of customers. Tailored insurance solutions and customizable policies are becoming more common in the market as insurers strive to differentiate themselves.

Local special circumstances: Uzbekistan's non-life insurance market is also influenced by local regulations and market dynamics. The government plays a significant role in shaping the insurance sector through regulatory frameworks and initiatives to promote insurance penetration. Moreover, the competitive landscape in the market is evolving, with both domestic and foreign insurers vying for market share. This competition is driving insurers to enhance their product offerings and improve customer service to stay ahead in the market.

Underlying macroeconomic factors: The growth of the non-life insurance market in Uzbekistan is supported by favorable macroeconomic conditions. As the economy continues to expand, individuals and businesses have more disposable income to allocate towards insurance premiums. Moreover, increasing awareness about the benefits of insurance coverage is contributing to the overall growth of the market. The stability of the regulatory environment and efforts to enhance transparency and consumer protection are also bolstering confidence in the insurance sector.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.