Maksud Nosirov, CFO of Imkon Sug'urta, on the results of the insurance market in the first half of 2026, the quality of its growth and the company's position

Uzbekistan's insurance market: from volume growth - to quality of development

Maksud Nosirov, CFO of Imkon Sug'urta, on the results of the insurance market in the first half of 2026, the quality of its growth and the company's position.

In the first half of 2026, insurance premiums in Uzbekistan reached UZS 8.02 trillion, up 28.6% year on year. It matters more to look deeper: what is driving market growth, and how sound and sustainable is that growth?

What lies behind the 28.6% growth

General insurance premiums rose by 28.1% to UZS 7.49 trillion. Compulsory insurance more than doubled - from UZS 415.7 billion to 875.7 billion, while compulsory motor third-party liability (OSAGO) premiums more than tripled - from UZS 180.8 billion to 570.8 billion.

Voluntary general insurance grew by 21.8% to UZS 6.62 trillion. I see its dynamics as the key indicator of market maturity. Compulsory insurance provides broad coverage, but voluntary insurance shows how far clients themselves recognise the need for protection and are ready to buy a policy without a legal requirement. That is why the industry's long-term task is not simply to collect more premiums, but to build genuine demand for insurance protection.

Claims payments are growing much faster than premiums

Over the half-year, insurers paid out UZS 2.25 trillion - 80.9% more than a year earlier. Growth in claims payments is not negative in itself: the purpose of insurance is fulfilled precisely when a client receives compensation.

But such a wide gap between premium and claims growth is an important signal for insurers themselves. As the market grows, the quality of underwriting, sound pricing, reinsurance and management of risk concentration will matter more and more. Growing a portfolio fast is not enough - you have to be able to manage its quality.

The market is becoming financially stronger

Insurers' combined charter capital rose by 37.2% to UZS 4.29 trillion, and their investments by 28.8% to UZS 10.74 trillion. Insurance is not only a mechanism for compensating losses, but also an institutional investor and a source of long-term capital.

For now, the investment structure remains conservative: about 65% of the portfolio is placed in bank deposits. As the capital market develops, insurers should gain access to new instruments.

Competition should gradually change

The general insurance market remains concentrated: the five largest companies account for roughly 62% of net premiums, and the top ten for about 80%. But insurers growing much faster than the market are emerging. This is good for the industry: competition should shift from price wars to product quality, technology, speed of claims settlement and customer experience. Ultimately, policyholders will benefit.

Imkon Sug'urta: we are entering the scaling stage

In the first half of 2026, the company's net insurance premiums grew from UZS 14.15 billion to 55.63 billion, or by 293.1%. The number of contracts concluded rose from 17,950 to 119,120 - more than 6.6 times. This is well above the market.

We understand that the high growth rate is partly explained by a small base. Today, Imkon Sug'urta holds just over 1% of net premiums in the general insurance market, ranking 20th. So I would not speak of leadership: we are moving to the stage of scaling the business.

And scaling brings different requirements: growing sales, diversifying the portfolio, improving underwriting and reinsurance, investing in technology at once, without letting service quality slip. What matters to us is not the growth figure itself, but its sustainability.

The next reserve - not only new clients, but new channels

Clients are less and less willing to search for a policy separately or visit an office. Insurance should be where the client already is: in a banking app, when buying a car or taking out a loan. I see great potential in ecosystem solutions, bancassurance and embedded insurance.

Which areas could become the next growth points

Population growth, banking, e-commerce and digital financial services lay the foundation for market expansion. Health insurance, protection for small and medium-sized businesses, agricultural insurance, cyber risks and new life insurance products all hold great potential. Islamic insurance, Takaful, could become a separate area, in demand among those for whom Sharia principles are important.

From market growth - to growth of trust

Premium growth of 28.6% is a good result. But over time, the maturity of the industry will be judged not only by premium volumes. How much has insurance penetration in the economy increased? How quickly and fairly are claims settled? And most importantly — how much has public trust in insurance grown?

Insurance sells not a policy, but a promise to fulfil an obligation in the future. That is why our industry's main capital is trust. If market growth is accompanied by growing trust and the emergence of products people truly need, insurance will take a much more important place in Uzbekistan's financial system.