BAKU, Azerbaijan, June 25. Uzbekistan’s
insurance market has expanded by more than 3.5 times over the past
five years, Kamoliddin Abdurakhimov, CEO of the Association of
Professional Participants in Uzbekistan’s Insurance Market said,
Trend's
correspondent reports from the event.
He made the remarks during the Azerbaijan International
Insurance Forum held in Baku.
Abdurakhimov said that digitalization has significantly improved
transparency in Uzbekistan’s insurance sector.
He noted that a major turning point came in 2016, when
large-scale economic reforms began in the country. Another
important milestone was the adoption in 2021 of a revised insurance
law, which enabled the sale of insurance policies in electronic
form and the creation of a unified digital system.
According to him, digitalization has also helped significantly
reduce insurance fraud. Previously, counterfeit compulsory motor
liability insurance policies were widely circulated, despite
security features on official forms, with fraud typically detected
only after an insured event occurred. Digital systems have now
largely eliminated such cases.
He added that following Cabinet of Ministers Resolution No. 555
in 2021, electronic insurance gained wide adoption. Since July
2022, all compulsory insurance types have been issued
electronically, and since 2023 both compulsory and voluntary
policies have been processed through a unified system.
Abdurakhimov said the market has grown from $334 million in 2021
to more than $1.2 billion in 2025.
“Over the past five years, Uzbekistan’s insurance market has
grown more than 3.5 times,” he said.
He noted that insurance penetration stands at around 0.8% of
GDP, compared to 0.26% previously.
Regarding market structure in 2025, he said voluntary insurance
accounts for 83% of the market, compulsory insurance for 7%, and
life insurance for 4%.
He added that the share of life insurance has declined following
the removal of previously existing tax incentives for the
segment.
