Tashkent, Uzbekistan (UzDaily.com) – Experts from the Institute for Macroeconomic and Regional Studies (IMRI) analyzed the results of reforms in insurance activities in Uzbekistan for 2017-2022.

Insurance is one of the effective means of ensuring the protection of businesses and the public from various risks and unforeseen circumstances.

As a result of successive reforms carried out in recent years in this area:

- the legal base of the industry has been strengthened, including amendments and additions to the Law of the Republic of Uzbekistan “On Insurance Activities”, a number of regulatory legal acts have been adopted aimed at developing and transforming a competitive insurance market;

- thereby creating favorable conditions for further development, as well as protection of the rights and legitimate interests of consumers in this area;

- in 2017-2022, the number of insurance organizations increased by 51.8%, from 27 to 41, there are also more than 30 business entities providing related services;

- in 2022, the total authorized capital of insurers increased by 5.8 times compared to 2017, amounting to 1.88 trillion soums;

- the number of insurance policies increased by 1.4 times and reached 8.4 million. At the same time, the contracts are mainly translated into a user-friendly electronic form;

- in 2022, the amount of insurance payments to customers increased by 9.6 times compared to 2017, amounting to 2.6 trillion soums;

- the number of insurance structures in the regions increased by 1.5 times and amounted to almost 2 thousand;

- sustainable jobs were created, including in the regions for 15.4 thousand employees and insurance agents;

- insurance companies in Uzbekistan offer over 110 types of insurance products in different areas.

The widespread introduction of modern information technologies, digitalization of the insurance market, increasing consumer confidence, as well as the level of insurance culture, the gradual harmonization of the national insurance market with international standards will lead to an increase in the efficiency of the industry.

At the same time, not only the sphere of insurance services, but also related industries will be further developed, with the creation of new jobs in the regions, an increase in the level of competition in the market and the reliability of doing business, and the expansion of investment opportunities in various industries.