Uzbekistan Insurance Market Grows by 53% in Q1 2026

Tashkent, Uzbekistan (UzDaily.com) — The insurance market of the Republic of Uzbekistan demonstrated robust growth in January-March 2026, with aggregate insurance premiums increasing by 52.7% year-on-year to reach 4.017 trillion soums, compared to 2.630 trillion soums in the same period of 2025. These figures were released in the quarterly report of the National Agency for Perspective Projects (NAPP).

The number of insurance organizations operating in the market grew from 34 to 36 over the year, including an increase from six to seven companies specializing in life insurance.

The total authorized capital of insurers rose by 31.9%, amounting to nearly 3.998 trillion soums. Concurrently, the agency network expanded significantly, as the number of insurance agents jumped by 64.5% from 3,027 to 4,980. The count of insurance brokers ticked up from 11 to 12, and actuaries increased from five to seven.

The general insurance sector continues to generate the bulk of the market volume. Its companies collected 3.741 trillion soums in net insurance premiums—a 53.6% increase compared to the previous year. Meanwhile, life insurance collections grew by 41.3% to 276.4 billion soums. Voluntary insurance dominates the premium structure, accounting for 83% of the total volume, while compulsory insurance makes up 10%, and life insurance stands at approximately 7%.

JSC Apex Insurance remains the market leader in the general insurance sector, recording aggregate insurance premiums of 1.031 trillion soums, which represents a 42.9% gain over the level seen in the first quarter of 2025. JSC SIIE O'zbekinvest secured second place with 412.5 billion soums (+41.8%), followed by JSC Kafolat Sug'urta Kompaniyasi in third with 406.6 billion soums. Among the major players, the highest growth dynamics were demonstrated by JV JSC Euroasia Insurance, which boosted its total premiums more than 3.4 times to reach 146.7 billion soums. In the life insurance segment, JSC Apex Life Insurance holds undisputed leadership with premiums totaling 238.3 billion soums (+41.3%).

Market-wide insurance payouts increased by 30.2% to 838.2 billion soums. In the general insurance sector, payouts rose by 32.4% to 789.4 billion soums, whereas the life insurance sector recorded minimal growth of 3.0%, reaching 48.7 billion soums. Apex Insurance ranked first in terms of claims paid out, distributing 327.0 billion soums, a figure three times higher than its performance in the first quarter of 2025.

The total insurance liabilities of market participants rose by 58.8% to 4.412 trillion soums. Life insurance liabilities experienced a particularly sharp surge, multiplying over ten times from 42.8 billion to 517.0 billion soums. The largest contributor to this jump was JSC Apex Life Insurance, whose liabilities spiked from 40.1 billion to 514.7 billion soums.

Total investments by insurance organizations expanded by 42.6% over the year to reach 10.337 trillion soums. The structure of the investment portfolio underwent noticeable shifts: the share of bank deposits decreased slightly from 69.2% to 65.3%, while real estate investments nearly tripled in absolute terms from 562 billion to 1.673 trillion soums, boosting their portfolio share from 7.8% to 16.2%.

On a regional breakdown, the largest volume of insurance premiums remains traditionally concentrated in Tashkent. The capital city generated 3.312 trillion soums in collections, making up 82.4% of the nationwide total and registering a 60.3% increase against the same period in 2025. Significant positive trends were also observed in the Samarkand (+62.5%), Andijan (+63.0%), and Surkhandarya (+49.3%) regions. Conversely, the Jizzakh region recorded a 16.4% decline in premiums.

The market showed improvement regarding the settlement of insurance claims. The total number of filed claims in the general insurance sector grew by 31.1% to 74,842, while the share of paid claims increased from 88.7% to 92.5%, and the share of rejections contracted from 2.3% to 1.6%. In life insurance, the number of claims rose by 133.7% to 18,302, with the ratio of settled payouts reaching 99.5%.

The total number of active insurance policies by the end of Q1 2026 reached 12.338 million—24.9% more than a year earlier. The active policy portfolio in the general insurance sector grew by 25.9% to 12.040 million, whereas in life insurance it contracted slightly by 4.8% to 298,406 contracts. The number of regional branches maintained by insurers grew by 11.1% over the year to 1,906 offices.