This was stated by Kamoliddin Abdurakhimov, General Director of the Association of Professional Participants of the Insurance Market of Uzbekistan, during the Azerbaijan International Insurance Forum held in Baku.

According to him, digitalization of Uzbekistan's insurance market has significantly increased transparency.

"An important stage in the development of the insurance market was 2016, when large-scale economic reforms began in Uzbekistan. Also of great importance was the adoption in 2021 of a new version of the law on insurance activities, which provided for the possibility of selling insurance policies in electronic format and the creation of a unified electronic system," he said.

Abdurakhimov emphasized that digitalization has had a positive impact on combating fraud in the insurance market.

He noted that previously fraudsters produced fake compulsory motor third-party liability insurance policies, despite the presence of special security features on official forms. As a rule, such cases were detected only when an insured event occurred. Digitalization has virtually eliminated such violations.

According to him, after the adoption of Cabinet of Ministers Resolution No. 555 in 2021, electronic insurance became widespread in the country. From July 1, 2022, all compulsory types of insurance began to be issued in electronic format, and from 2023, both compulsory and voluntary insurance policies began to be sold through a unified system.

"Over the past five years, Uzbekistan's insurance market has grown more than 3.5 times. If in 2021, $334 million was collected, then in 2025, more than $1.2 billion was collected. The insurance penetration rate in the country's economy is about 0.8% of GDP, whereas previously this figure was at 0.26%," he said.

Speaking about the market structure at the end of 2025, he reported that voluntary types of insurance account for 83% of the market, compulsory types for 7%, and life insurance for 4%.

According to Abdurakhimov, the share of life insurance decreased after the abolition of tax benefits that previously applied to this segment.