International Journal of Management and Economics Fundamental
117
https://theusajournals.com/index.php/ijmef
VOLUME
Vol.05 Issue 06 2025
PAGE NO.
117-119
10.37547/ijmef/Volume05Issue06-23
Ways To Expand the Market Of Insurance Services In
Modern Conditions
Adilova Gulnur Djurabaevna
PhD, Associate Professor, Department of Insurance Tashkent University of Economics, Tashkent, Uzbekistan
Received:
23 April 2025;
Accepted:
19 May 2025;
Published:
30 June 2025
Abstract:
The article provides suggestions on how to develop innovative insurance products by insurance
companies in the development of the insurance services market and organize the sale of E-policies to
policyholders using modern information technologies.
Keywords:
Insurance market, insurance product, E-policy, insurance broker, insurance agent , assistance , adjuster
, surveyor, voluntary insurance, insurance premium, insurance coverage, insurance service.
Introduction:
Reducing the negative impact of
disasters on human life is carried out through
"insurance", which means the distribution of the costs
of eliminating the consequences of negative events
among several economic entities .
It is impossible to rationally approach the issue of
identifying and solving the problems of the insurance
sector without understanding the essence of the main
concepts of insurance in the system of financial market
relations. Each insurance company has a huge number
of product branches within the types of services it
offers. To satisfy all types of insurance needs, their
number must be significant. Each of them is a basic
marketing unit aimed at a specific market or its large
segment. Each package has its own design and
corresponds to the trademark and name of the insurer.
When a potential client applies to a consumer
representative for the conclusion of an insurance
contract, he is given the opportunity to choose from
the available complex of insurance products.
The development of the insurance market in
Uzbekistan is largely due to the introduction of
technologies that have an impact on the insurance
technologies of the increasingly digital economy, but
do not change the economic essence of the economy.
As a result of the use of digital technologies in
insurance activities:
•
increase the efficiency and profitability of syg'yrta
activities;
•
the combination of mutual and commercial
insurance;
•
socialization of syg'yrta relations takes place;
•
new insurance services and products are emerging;
•
The labor market in the insurance sector is
changing (automated management systems and
the replacement of some insurance agents, senior
and middle managers with robots).
The digitization of the insurance market in Uzbekistan
is currently a pressing need, and accelerating this
process will ensure that the country's insurance market
finds its place in the global insurance market.
LITERATURE REVIEW
The views expressed by one of the leading German
experts in the field of insurance, Professor Dieter Farni,
reflect the lack of a single approach to the
interpretation of insurance. In his work “Insurance
Theories of Production and Costs”, he showed that
there are a number of definitions of the concept of
“insurance”. From the point of view of D. Farni's legal
point of view, an insurance product is an insurance
contract, which includes an insurance policy and
insurance rules. At the same time, theoretically, an
insurance product was defined as a commodity that can
be offered to the market to satisfy a consumer need.
Thus, if we consider insurance services as a commodity,
in order for it to be sold, it must satisfy the needs of the
consumer.
International Journal of Management and Economics Fundamental
118
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International Journal of Management and Economics Fundamental (ISSN: 2771-2257)
A. Zubets , “an insur
ance product is a set of basic and
auxiliary services provided to the insured when
concluding an insurance contract.” Thus, an insurance
product is a set of certain services aimed at satisfying
the needs of the insured within the framework of an
insurance contract. In addition to services in the field of
insurance and reinsurance, such services include legal
and organizational services provided within the
framework of a specific insurance policy.
In this regard, the concept of an insurance product is
broader than the concept of insurance services, as it
can also include other types of services.
Analysis and results. The insurance system in the
modern economy of Uzbekistan is of strategic
importance, due to the fact that the insurance system
has been elevated to the level of state policy, and the
insurance market is considered by state management
agencies (bodies) as an integral part of the country's
market infrastructure. In the development of the
insurance market in our country, further improving the
competitive market for insurance services and
developing sectors serves to create new jobs, one of
the methods of developing insurance activities is the
mandatory introduction of insurance, which, on the
one hand, serves to raise the insurance culture of the
population, which is one of the main problems of the
industry, and on the other hand, creates a system of
guaranteed compensation for damage caused through
the insurance mechanism, as a result of which the
volume of insurance compensation paid to victims has
increased sharply. This serves to further strengthen the
social protection of the population.
Figure 1. Dynamics of changes in insurance premiums by type of insurance (in billion soums)
From the data in Figure 1, it can be seen that during
2017-2019, the amount of premiums from compulsory
insurance to voluntary insurance increased by 30%, but
in 2020, there was a decrease in the volume of
voluntary insurance and total insurance premiums. This
occurred under the influence of Covid-19 and was
observed not only in insurance, but also in other
sectors of the economy. It can be observed that by
2021-2023, the amount of insurance premiums for
compulsory and voluntary insurance types increased
significantly. Also, as a result of our research, forecast
indicators for insurance types and insurance premiums
for 2024-2025 were developed. According to them, in
2025, compulsory insurance is forecast to amount to
619.7 billion soums, voluntary insurance to 10,429.9
billion soums, and total insurance premiums to 12,789
billion soums.
Figure 2. Dynamics of changes in insurance coverage by type of insurance (in billion soums)
242.1
293.7 345.3
397
2,354.72526.2
2697.8
2,859
2,596.8
3807.2
5118.1
6,429.0
0.0
2,000.0
4,000.0
6,000.0
8,000.0
0.0
1,000.0
2,000.0
3,000.0
4,000.0
2017 2018 2019 2020 2021 2022 2023 2024
р
2025
р
Compulsory insurance
Optional insurance
Total insurance coverage
518.0
533
576.4
619.7
5713.6
8070.5
10429.9
12,789
6,231.6
8616.4
11003.5 13,391
-
2,000.0 4,000.0 6,000.0 8,000.0 10,000.0 12,000.0 14,000.0 16,000.0
2017
2019
2021
2023
2025 р
Total insurance premiums
Optional insurance
Compulsory admission
International Journal of Management and Economics Fundamental
119
https://theusajournals.com/index.php/ijmef
International Journal of Management and Economics Fundamental (ISSN: 2771-2257)
From the data in Figure 2, it can be seen that until 2017-
2020, the payment of insurance coverage from the
compulsory insurance type was significantly lower than
from the voluntary insurance type, and since 2021, a
gradual increase in the payment of insurance coverage
from the compulsory insurance type has been
observed. However, in 2022-2023, it can be observed
that the insurance coverage paid under the voluntary
insurance types is 10 times higher than that of the
compulsory insurance type. Also, as a result of our
research, forecast indicators for the insurance
coverage paid by types of insurance for 2024-2025 have
been developed. According to them, in 2025,
compulsory insurance is forecast to amount to 345.3
billion soums, voluntary insurance to 3807.2 billion
soums, and total insurance premiums to 6,429.0 billion
soums.
CONCLUSIONS AND SUGGESTIONS
Insurance services are one of the developing sectors.
Therefore, the following suggestions are made for the
rapid development of insurance services:
Expanding the volume, types and quality of insurance
services provided through the introduction of new
innovative insurance products and the development of
traditional products in high demand;
Introduce new types of compulsory insurance,
including insurance of real estate and agricultural risks,
taking into account the interests of the state and
society;
Extensive use of modern information technologies in
the field of organization and regulation of insurance
activities, active introduction and development of
electronic types of insurance services;
Review the system of relations between branches of
insurance companies operating in the regional
insurance services market and their head offices
located in Tashkent. The main reason for this is that the
head company has significantly limited the rights of its
branches to provide insurance services, in particular, to
pay insurance compensation. In this regard, we believe
that it would be appropriate to give branches
independence, that is, to resolve the issue of
compensation for losses caused by insurance events
occurring in their territory.
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Decree of the President of the Republic of
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