1 November 2019 Disclaimer

Market leaders 
Table 3.1: Market leaders’ indicators for 2018, USD m 
GWP 
Share of the 
market 
GWP growth 
(%) 
Claims 
ROE 
(%) 
ROA 
(%) 
Non-Life insurance companies 
Eurasia 
178,5 
26,6 
10,7 
86,9 
26,2 
14 
Halyk 
115,9 
17,3 
50 
26,6 
9,7 
4,1 
Kazakhmys 
81,4 
12,1 
-31,4 
1,7 
29,3 
8,8 
Life insurance companies 
Halyk -Life 
132,8 
40,2 
20,4 
11,8 
24,2 
3,8 
Nomad Life 
101,3 
30,7 
47,5 
13,5 
73,4 
8,6 
European Insurance 
Company 
47,9 
14,5 
13,9 
3,2 
54,5 
20,6 
Source: RAEX-Europe calculations based on data from the NBK 
0%
5%
10%
15%
20%
25%
30%
0
20
40
60
80
100
120
140
160
2016
2017
2018
2019f
GWPs LIFE, KZT bn (lhs)
Claims Life, KZT bn (lhs)
Ratio Claims to GWPs, y-o-y growth

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Disclaimer
The Agency disclaims all liability in connection with any consequences, interpretations, conclusions, recommendations and other actions directly or 
indirectly related to the conclusions and opinions contained in the Agency’s Research Reports. 
This Report represents the opinion of Rating-Agentur Expert RA GmbH and is not a recommendation to buy, hold or sell any securities or assets, or to make 
investment decisions. 
 
 
 
 
Graph 3.21: UZ – Total GWPs, UZS bn 
Source: RAEX-Europe calculations based on data from the Ministry of Finance 
of the Republic of Uzbekistan (MFU) 
 
 
 
 
Graph 3.22: UZ – Total Claims, UZS bn 
Source: RAEX-Europe calculations based on data from the MFU 
3.2 UZBEKISTAN 
Uzbek's economy continues to develop steadily, with real GDP growth of 
5,1% in 2018 compared to 4,5% in 2017, while in 2019 GDP is also 
expected to grow by at least 5,5% (see graph 2.2). Due to a series of liberal 
economic reforms in recent years, the industry has gained momentum 
with a significant increase of investment in fixed assets, as well as the 
growth of foreign trade, construction, and services. However, 
unemployment remains high, with a large share of labor migration, and 
GDP per capita in 2018 is three times lower than in Kazakhstan (see graph 
2.3). Furthermore, institutional development is restricted by the high level 
of corruption and various barriers for businesses. The Corruption 
Perception Index
4
in 2018 was 23 (158
th
out of 180 countries), and in the 
World Bank's Ease of Doing Business Uzbekistan ranked 20
th
among 23 
countries of Europe and CA. Growth in consumer demand and investment 
caused serious price pressures and the highest inflation in the region (see 
graph 2.4). Inflation and exchange rate volatility are adding instability, 
exacerbated by increased financial dollarization. 
The insurance market in Uzbekistan showed in 2018 a record GWP 
growth in the CA region at 76,3%. Moreover, the Uzbek sector is the most 
dynamic in terms of development, and since 2016 the annual average 
growth rate was 45,3%. The market is represented by compulsory civil 
liability and voluntary types of insurance, as well as life insurance. The 
highest share belongs to voluntary non-life insurance products accounting 
for 58,3% of total GWP, followed by life insurance with 25,6%. 
Compulsory products represent 16,1% of the market (see graph 3.21 and 
table 4.4).
Gross claims have also been in an upward trend by 65% on average 
during 2016-2018 led mostly by the life segment, while the non-life claims 
leveled out in 2018 after an upsurge in 2017 (see graph 3.22 and table 
4.3). Penetration has also grown and stood at 0,4% in 2018; however, 
density was USD 6,2, which is much lower than that of Kazakhstan 
indicating the poor stance of the insurance services consumption while, at 
the same time, it shows the huge potential of the market with a large share 
of the young working-age population (see table 4.1).
The growth in the number of players in the Uzbek insurance market has 
intensified over the past two years. Whereas in 2017 there were 27 
companies in the market, in the second half of 2019 the number increased 
to 33. The life insurance sector is developing most actively as four new 
companies have emerged in the past two years and, as a result, the ratio 
of life to non-life insurance players is 8:25. Market concentration slightly 
decreased with the top-5 companies share of the market standing at 
4
Source: Transparency International 
https://www.transparency.org/cpi2018
 
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
0
300
600
900
1200
1500
1800
2100
2400
2016
2017
2018
2019f
Life
Voluntary
Compulsory
GWPs, y-o-y growth (rhs)
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
0
100
200
300
400
500
600
700
800
900
2016
2017
2018
2019f
Life
Voluntary
Compulsory
Claims, y-o-y growth (rhs)

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