CC BY
21Abdulaziz QODIROV
Master's student at the Faculty of Economics of the National University of Uzbekistan Shermamat XASANOV Senior Lecturer, Navoi State Pedagogical Institute
CURRENT STATE OF THE INSURANCE MARKET IN UZBEKISTAN
At the current stage of development of the economy of Uzbekistan, the insurance market of the republic is at the most important stage of its accelerated development, expanding the range of insurance services, strengthening partnerships with foreign insurance companies. Insurance is one of the most dynamically developing areas of business in the country. The creation of a modern infrastructure of the insurance market is one of the most important stages in the development of the insurance business in Uzbekistan.
It should be noted that the development and reform of the insurance market in the republic became possible due to the active state policy in the field of insurance.
It should be noted that the development and reform of the insurance market in the republic became possible due to the active state policy in the field of insurance.
Specialists of the State Insurance Supervision Service and the Information and Computing Center of the Ministry of Finance are introducing an automated system for collecting and processing data on the insurance market - the SUG'URTA MF software package, which allows collecting and processing market data in electronic form.
The Ministry of Finance cooperates on a systematic basis with the International Association of Insurance Supervisors (IASN), whose members are insurance supervisory bodies in more than 140 countries of the world; on a regular basis, delegations of the Ministry of Finance take part in the Annual Meetings and participate in the work of its commissions and committees.
In order to develop the infrastructure of the insurance market, improve the quality of insurance services provided and create new jobs, the State Insurance Supervision of the Ministry of Finance regularly sends recommendations to insurers to expand the use of assistance services, surveyors, adjusters, actuarial organizations and other professional participants in the insurance market.
Reports on the insurance market are compiled strictly on the basis of information provided by insurance companies, signed by the top manager and sealed by the insurer.
In 2019, the number of insurance organizations was 40. The number of concluded contracts reached 7,401,287 units, which, compared to 2018, amounted to 112.0% [1].
The sum insured in the country as a whole in 2019 was equal to 690 462.7 billion soums, which is 15.6%, or for the 93,012.4 billion soums more if compared with 2018.
The share of voluntary insurance accounts for 68.0% (469,250.7 billion soums), compulsory insurance - 32.0% (221,212.0 billion soums).
The receipt of insurance premiums in 2019 amounted to 2,138.8 billion soums, of which voluntary insurance - 1,832.1 billion soums (85.7% of the total), compulsory insurance - 306.7 billion soums (14.3 %). The amount of insurance payments amounted to 808.6 billion soums.
Table 1
Key performance indicators of insurance organizations in the republic
for 2019, m nillion soums
Indicator name Number of Sum Insurance Insurance
concluded contracts (units) insured premium receipts payments
TOTAL 7401287 690462673,6 2138771,6 808566,4
including:
Voluntary insurance 4138895 469250707,5 1832120,6 719539,1
Life insurance industry 20769 647624,9 476575,3 522537,2
General insurance 4118126 468603082,6 1355545,3 197001,9
industry
including:
Accident insurance 2583476 35101642,2 46760,4 6592,2
Illness insurance 90864 22107504,4 32152,8 18902,7
Land vehicle insurance 144150 23061594,6 246666,3 33713,2
Railway rolling stock 1950 3148289,1 12610,1 2201,0
insurance
Aviation insurance 20 32615988,3 31184,0 9135,2
Marine insurance 9 34597,4 742,2 -
Insurance of property in 34782 22904258,3 23812,1 2112,9
transit
Property insurance 346186 168648190,2 343423,2 10026,5
against fire and natural
disasters
Property damage 394010 79303833,1 130324,6 8323,7
insurance
Motor third party liability 41037 2257497,5 12981,5 139,6
insurance
Liability insurance within 3 156,0 2,2 -
the framework of
aviation insurance
Marine liability insurance 192 1844770,4 2751,6 -
General liability 15709 32605246,2 35158,4 5473,2
insurance
Loan insurance 379852 31078524,0 243549,8 33555,8
Guarantee (guarantee) 4669 1044082,3 6536,0 11,0
insurance
Insurance against other 81217 12846908,6 186890,0 66814,8
financial risks
Health insurance 40855 7535668,8 26048,5 17510,6
including:
Legal entities 3781 2171327,0 20653,1 14733,2
Individuals 37074 5364341,8 5395,5 2777,4
Insurance is carried out on the basis of property or personal insurance contracts concluded by a citizen or legal entity (insured) with an insurance organization (insurer).
In cases where the law imposes on the persons specified in it the obligation to insure the life, health or property of other persons as policyholders, or their civil liability to other persons at their own expense, or at the expense of interested parties (compulsory insurance), insurance is carried out by concluding contracts.
Literature
[1] Страховой рынок в Республике Узбекистан. URL: https://stat.uz/ru/press-tsentr/novosti-goskomstata/novosti-goskomstata-2020/4808-8976-strakhovoi-rynok-v-respublike-uzbekistan.
[2] Маврулова Н.А. Узбекистонда кайта сугурта бозорини шакллантириш ва жадал ривожлантиришнинг устувор йуналишлари // Экономика и финансы (Узбекистан). №1, 2020. Б. 27-32
