14:10 - 25.06.2026

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June 25, Fineko/abc.az. In Uzbekistan, the ratio of insurance premiums to GDP is still lower than in Azerbaijan.

ABC.AZ informs that Kamoliddin Abdurakhimov, CEO of the Association of Professional Insurance Market Participants in Uzbekistan, made the relevant statement at the 11th Azerbaijan International Insurance Forum in Baku.

He added that large-scale digitalization allowed more than 12.5 million insurance policies to be issued through electronic networks last year.

“If we take a brief look at the dynamics of the market development over the past 5 years, we can see growth of more than 3.5-fold,” the speaker noted. “In 2021, the fees amounted to $334 million, while last year, this figure exceeded $1.2 billion. Currently, the insurance sector's share in GDP is around 0.8%, which is lower compared to Azerbaijan. However, considering that the insurance penetration rate was only 0.26% in previous years, it is evident that the market is rapidly developing. It is expected that the trend of increasing insurance premiums will continue."

The CEO pointed out that the share of life insurance in Uzbekistan has decreased in recent years:

"One of the main causes of this is abolition of tax incentives starting from 2023. Previously, income tax incentives actively supported development of this sector. After their cancellation, there was a decline in the market. For example, in 2022, the share of life insurance in the total volume of premiums exceeded 25%, but it has now decreased to 4%."

According to Abdurakhimov, the total digitalization also had side effects. On the one hand, the number of fraud cases in the market decreased. On the other hand, due to the automation of processes, the demand for insurance agents declined, and their number in the country significantly reduced.