Insurance company TBC launches operations in Uzbekistan
In Central Asia, TBC Insurance is making waves with its growth and product expansion strategy, centred around digital integration and broadening its insurance offerings within the TBC Uzbekistan ecosystem. The company officially launched its fully digital insurance platform in April 2025, after obtaining a life insurance license in March 2025 from the National Agency of Perspective Projects of Uzbekistan.
The initial product launch focused on credit life insurance, which has seen strong uptake with over 140,000 policies issued so far. Key elements of TBC Insurance’s current strategy include full digital integration, product expansion, synergistic ecosystem growth, and experienced leadership.
The insurance service is seamlessly embedded in the TBC UZ mobile banking app, providing a smooth and fully digital user experience. This integration leverages TBC Uzbekistan’s position as the leading digital banking ecosystem in Central Asia, with a registered user base exceeding 50% of the country’s population and 20 million unique users.
After the initial credit life insurance product, TBC plans to broaden its portfolio to offer a full suite of personal insurance products, aligning with their aim to cater to evolving customer needs and capture high-growth insurance segments. This expansion strategy fosters deeper customer engagement by creating cross-selling opportunities within a comprehensive digital financial ecosystem.
The insurance rollout complements other recent financial product launches by TBC Uzbekistan, such as the Salom debit card, Osmon credit card, and SME banking and lending services. The insurance business is led by Ekaterina Lotuashvili, a senior executive with 25 years' expertise in insurance markets, including at Lloyd's of London, contributing to strategic execution and sector expertise.
Nika Kurdiani, CEO of TBC Uzbekistan, sees insurance as a natural extension of the TBC Uzbekistan ecosystem. In 1Q25, TBC Uzbekistan recorded operating income of USD 57 million, a testament to the success of this strategy. As of now, over 140,000 policies have been delivered through TBC Insurance.
This initiative is a crucial part of TBC Uzbekistan’s broader ambitions to deepen its market presence and diversify beyond traditional banking services. In other news, TBC Uzbekistan continues to broaden its product offering, with loan and deposit books increasing by 116% and 81% YoY respectively.
Meanwhile, the Insurance Development Forum (IDF), the United Nations Development Programme (UNDP), the German Government, and the government of Uzbekistan have launched a new project to develop and implement a sovereign risk transfer scheme for vulnerable farmers in Uzbekistan.
On the cybersecurity front, Logpoint, a European cybersecurity provider, has partnered with Oberig IT, a cybersecurity distributor in Eastern Europe and Central Asia, to meet growing demands for efficient threat detection technologies. This partnership will see Oberig IT distributing Logpoint's SIEM and NDR solutions to MSSPs and customers.
In a separate development, the FIA is set to launch a mini Smart Driving Challenge to promote smarter driving and potentially open up a market for small, fuel-efficient vehicles. Greater Than, a company involved in the challenge, is focusing on smoothness, safety, and fuel economy.
These developments underscore the dynamic and innovative landscape of the financial and cybersecurity sectors in Central Asia, with TBC Uzbekistan at the forefront of the digital banking revolution.
[1] TBC Bank Group. (2025). TBC Uzbekistan. Retrieved from https://www.tbcbankgroup.com/uzbekistan [2] TBC Bank Group. (2025). TBC Insurance. Retrieved from https://www.tbcbankgroup.com/insurance [3] TBC Bank Group. (2025). TBC Uzbekistan Financial Results 1Q25. Retrieved from https://www.tbcbankgroup.com/results [4] TBC Bank Group. (2025). TBC Uzbekistan Launches TBC Insurance. Retrieved from https://www.tbcbankgroup.com/news/tbc-uzbekistan-launches-tbc-insurance
TBC Insurance's strategy, anchored in digital integration and product expansion, is extending the TBC Uzbekistan ecosystem with the launch of personal insurance products, aimed at catering to evolving customer needs and capturing high-growth insurance segments. This expansion strategy, as demonstrated by the initial success of credit life insurance with over 140,000 policies issued, fosters deeper customer engagement by creating cross-selling opportunities within the comprehensive digital financial ecosystem.
The growth and innovation in TBC Uzbekistan's business, highlighted by the launch of TBC Insurance, aligns with the broader trend of digital transformation in the Central Asian finance industry, as the region embraces insurtech and technology to drive financial services forward.
