The first three quarters of 2025 have seen Uzbekistan’s insurance industry surge forward — not just in modest growth, but in dramatic, ground‑shifting expansion. Data from the National Agency for Prospective Projects shows a 39% year‑on‑year increase in total premiums, reaching 9.8 trillion Uzbekistani soms (roughly $823 million).
An even more striking detail: non‑life insurance now dominates the market, accounting for approximately 94% of all premiums. This covers a wide range: motor vehicle policies, property insurance, liability coverage, health and accident protection — the kind of safety nets people and businesses often overlook until it’s too late.
At the forefront is Apex Insurance AJ, which alone collected 2.8 trillion soms in premiums. Their dominance underscores a broader shift: consumers are no longer thinking long term — they’re thinking now. They’re prioritizing immediate protection against everyday risks rather than relying solely on life insurance or long‑term plans.
Market analysts attribute this boom to a combination of economic and social changes. sustained growth in income levels, growing awareness of risk management, regulatory reforms that encourage insurance uptake — all these have played a role. There’s also the launch of diversified insurance products tailored to the urban middle class: from vehicle and property policies to comprehensive health and business‑liability packages.
This shift could have far‑reaching implications for Uzbekistan’s overall economy. As individuals and businesses secure themselves against risks, they may feel more confident investing in assets — homes, vehicles, businesses — which in turn could stimulate demand, credit growth, and new ventures.
While the full‑year 2025 figures remain to be seen, the trajectory suggests an industry on the cusp of becoming a regional powerhouse. For investors and policy‑makers detecting early warning signs — or seizing early opportunities — this might just be the moment to pay attention.
If you wish, I can also draft a 2-year forecast indicating potential risks and upside, to help gauge if this boom is sustainable or just a flash in the pan.