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.
