Directions for Ensuring the Financial Stability of Insurance Companies in Uzbekistan
Keywords:
Insurance sector, financial stability, digitalization, risk managementAbstract
This article explores the strategies for ensuring financial stability in the insurance sector of Uzbekistan amid global economic challenges. It emphasizes the critical role of insurance in mitigating risks, fostering entrepreneurship, and contributing to the country's socio-economic development. The study examines the progress achieved, focusing on the Presidential Decree No. PQ-5265 (2021) and the performance of leading companies like Uzbekinvest. Key challenges, such as aligning with international standards and addressing skill gaps, are identified. The article concludes by advocating for digital transformation, workforce development, and international collaboration as pathways for sustainable growth in Uzbekistan's insurance market.
References
1. Presidential Decree No. PQ-5265 (2021): "On Additional Measures for the Digitalization of the Insurance Market and the Development of the Life Insurance Sector," issued on October 23, 2021.
2. Moody’s Investors Service Ltd. (2023): Official announcement on upgrading the financial strength rating of Uzbekinvest from "Ba3 Stable" to "Ba3 Positive," highlighting its role in Uzbekistan's financial sector.
3. Uzbekinvest National Insurance Company (2023): Annual performance report, detailing the company’s economic impact and collaboration with international insurers.
4. State Statistics Committee of Uzbekistan (2022): Data on the insurance market's growth trends, including contract volumes and total premiums collected in 2020–2021.
