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The Prospects For The Development Of The Insurance Market In Our Country Were Discussed At "Uzagrosugurta".


The prospects for the development of the insurance market in our country were discussed at "Uzagrosugurta".

A recent seminar was held at the Tashkent branch of the Society as part of the "Uzagrosugurta" JSC project, aimed at applying the scientific proposals of scientists working in the regions locally.

The event was attended by Khojayor Shennaev, Doctor of Economics of the Tashkent State University of Economics, professor, with a lecture on the topic “Insurance market management, current situation, problems and development prospects in Uzbekistan.”

Specialists of the Department and responsible employees of regional branches took part in the event via videoconference.

During his speech, the scientist analyzed the insurance market of our country and made proposals for further improvement of the industry.

- Professional participants in the insurance market of Uzbekistan include insurance companies, insurance brokers, assistants, adjusters and surveyors. Today there are 36 insurance companies operating in our market, most of them work in the field of general insurance, and also 6 in life insurance. According to the analysis, over the past five years, high growth rates in insurance premiums have averaged forty percent. This is a sign that people's confidence in insurance is growing. But there are also a number of problems for the full development of the industry. In particular, the insurance culture of representatives of private and small businesses is not developed. They understand that money spent on insurance is a waste. We also have a very low level of insurance coverage for the population. That's less than $18 per capita per year, compared to the global average of $300. This means that insurance organizations have not yet fully penetrated the population and a large market is yet to be tapped. An important factor in the development of the industry will be the digitalization of the industry, the introduction of new insurance products on demand, the expansion of channels and forms of communication with consumers, said Kh. Shennaev.

At the event, proposals and recommendations were made to increase the importance of insurance in the development of the industry and improve its well-being. The questions were answered in detail.