Insurances

The projected market size (gross written premium) of the Insurances market in Uzbekistan is expected to reach US$3.68bn in 2024.
Life insurances dominate the market with a projected market volume of US$2.01bn in 2024.
The average spending per capita in the Insurances market amounts to US$103.20 in 2024.
When comparing globally, it is evident that the highest nominal value is reached the United States, with a projected market size of US$3.8tn in 2024.
The gross written premium is anticipated to show an annual growth rate (CAGR 2024-2029) of 3.53%, resulting in a market volume of US$4.38bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$3.8tn in 2024.
The insurance market in Uzbekistan is experiencing a surge in demand for life insurance policies due to the country's growing middle class and increasing awareness about financial security.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. 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.

Structure:

The insurance market comprises life and non-life insurances. 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, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

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

The Insurances market in Uzbekistan has been experiencing significant growth and development in recent years. Customer preferences in the insurance market of Uzbekistan are shifting towards more comprehensive coverage options as individuals and businesses seek to protect themselves against a wider range of risks. This trend mirrors the global inclination towards increased insurance coverage driven by a growing awareness of potential risks and the need for financial protection. Trends in the market show a notable increase in the demand for health and life insurance products in Uzbekistan. This rise can be attributed to a greater emphasis on personal well-being and security, reflecting a broader global trend towards prioritizing health and life insurance coverage. Additionally, there is a growing interest in property and casualty insurance as the country's economy expands and individuals and businesses look to safeguard their assets. Local special circumstances in Uzbekistan, such as a developing regulatory environment and increasing competition among insurance providers, are shaping the market dynamics. The government's efforts to enhance regulations and promote transparency in the insurance sector are driving market players to improve their offerings and services to meet evolving consumer needs. Additionally, the presence of both domestic and international insurance companies is fostering innovation and diversity in the market. Underlying macroeconomic factors, including steady economic growth and rising disposable incomes, are contributing to the expansion of the insurance market in Uzbekistan. As the country's economy continues to develop, more individuals and businesses are recognizing the importance of insurance as a risk management tool, fueling the overall growth of the market. In conclusion, the insurance market in Uzbekistan is evolving in response to changing customer preferences, market trends, local circumstances, and macroeconomic factors. The increasing demand for comprehensive coverage options, particularly in health and life insurance, is driving growth and innovation in the sector, supported by a conducive regulatory environment and favorable economic conditions.

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.