EIJMRMS ISSN: 2750-8587
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INSURANCE MARKET DEVELOPMENT INDICATORS
Toyirov Shahboz Ziyadullah ugli
University of Economics and Pedagogy NGEO, Assistant of the Department of Economics, Uzbekistan
AB O U T ART I CL E
Key words:
World market, development strategy,
economic growth, real sector, foreign and
domestic investment, small business, private
entrepreneurship, insurance market, insurance
services, insurance activity, insurance premium,
contracts.
Received:
04.10.2024
Accepted
: 09.10.2024
Published
: 14.10.2024
Abstract:
This article provides information on the
development indicators of the insurance market
in our country and several tasks for the
development of the insurance market are
considered.
INTRODUCTION
Due to the sharp changes and increasing competition in the world market today, a completely new
approach is required for the rapid development of our country. In this regard, in the development
strategy of New Uzbekistan for 2022-2026, adopted in my country, several tasks were defined to further
strengthen macroeconomic stability and maintain high economic growth rates. One of them is to
increase the role of the insurance sector, to study and discuss the international experience of protecting
the real sector of the economy, foreign and domestic investments, small business and private
entrepreneurship by means of insurance, to develop insurance services provided to citizens and to
increase the insurance culture of the population, to improve the prudential norms of regulating the
insurance market. and digitization of insurance activities and ensuring information security.
In our country, there are always risks in the process of formation and development of market relations,
high level of economic independence and freedom of economic subjects. Insurance deals with
redistribution of risks that may harm their interests and is constantly recurring , that is, a special service
that is unique to them. Insurance itself is financial protection of property, health or life, business, and
other risks of value.
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Pages: 42-45
EUROPEAN INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH
AND MANAGEMENT STUDIES
ISSN: 2750-8587
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At the current stage of reforms, the active development of financial services aimed at ensuring the stable
growth of the economy and increasing the quality and level of the population's life requires the
strengthening of the role of the insurance market in the republic and the wide use of insurance tools. At
the meeting held on the development of the insurance services market, they expressed the following
opinions: "It is not a supervisor, but a structure that introduces advanced and modern standards to the
industry, creates a truly competitive environment among all participants, and develops the insurance
market need".
Therefore, the State Inspectorate of Insurance Control under the Ministry of Finance was abolished and
the Insurance Market Development Agency was established. Also, the task of developing a strategy for
the medium and long-term development of the insurance sector, increasing the amount of insurance
premiums per capita by 3 times and the share of the sector in the GDP by 2 times by 2022 was set.
Table 1
Target indicators of rapid development of the insurance market of the Republic of
Uzbekistan in 2019-2022
T/r
Indicator name
2018
(fact)
2019
y.
2020
y.
2021
y.
2022
y.
Growth,
times ar
1. insurance services in GDP
(percentage)
0.4
0.5
0.6
0.7
0.8
2
2. Amount of insurance
premium per capita
(thousand
gsom)
50.0
65.0 88.0 114.0 148.0
3
3. total insurance premiums
(trln soums)
1.6
2.1
2.9
3.8
5.2
3.3
4. Total authorized capital of
insurance organizations
(trillion soums)
0.5
0.8
0.9
1.0
1.2
2.4
5. Total assets of insurance
organizations
(trln soums)
2.5
3.0
3.6
4.3
5.2
2.1
EUROPEAN INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH
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6. Total investments of insurance
organizations
(trln
soum)
2.0
2.5
3.3
4.1
5.3
2.7
7. Insurance
services
number of species
(units)
105
115
135
155
175
1.7
8. Number of regional units
(unit)
1 450 1 500 1 580 1 660 1 740
1.2
As of the end of 2021, the financial indicators of the insurance market of Uzbekistan are as follows:
•
total authorized capital of insurance companies - 1.6 trillion. soum;
•
collected insurance premiums - 3.7 trillion. soum;
•
paid insurance payments
–
1.2 trillion. soum;
•
investments of insurance companies - 3.8 trillion. soum;
•
the number of contracts concluded in the insurance market - 7.6 mln. formed a unit.
In Uzbekistan, the number of licensed insurance organizations granting the right to carry out insurance
activities is 127% increased.
As of July 1, 2022, there are a total of 42 insurance organizations that have a license to carry out
insurance activities in Uzbekistan. (increased by 127% compared to the first half of 2019). Of these, 34
operate in general insurance and 8 in life insurance.
According to the indicators of the insurance market of Uzbekistan, more than 7.0 million insurance
contracts were concluded in the first half of 2022 (106 percent compared to the first half of 2019), they
are 2,771 billion soums of insurance premiums were collected, this indicator increased by 63.2%
compared to the same period last year.
As a result of studying the indicators of the development of the insurance market in our country, I made
the following conclusions. Today, the development of the insurance market in my country is growing
rapidly, but still the majority of our population does not have complete information about insurance
EUROPEAN INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH
AND MANAGEMENT STUDIES
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services. Solving these problems will increase the demand for insurance and improve financial
conditions.
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