Publication Details
Abstract
This article analyzes the impact of the 2008 global crisis and the 2020 COVID-19 pandemic on the world economy, particularly on the development of insurance markets. Although macroeconomic problems such as unemployment, public debt, and budget deficits intensified in many countries during crises, it is noted that Uzbekistan managed to maintain relatively stable economic growth during those periods. The study provides an in-depth examination of risks inherent in the financial sector, using the example of the Russian insurance market in 2022—where sanctions and rising interest rates led to a sharp decline in the life insurance segment, restrictions on reinsurance opportunities, and increased cyber risks. It also analyzes the growing demand for cyber insurance in Russia and globally, as well as the challenges hampering the development of this segment. The dynamics of accumulated insurance premiums and paid insurance claims in Uzbekistan’s insurance market from 2013 to 2024 are thoroughly examined. It is emphasized that the low share of claim payments increases distrust of insurance companies among the population and businesses. Factors hindering market development—such as limited competition, asymmetry in insurance contracts, and low insurance literacy among the population—are also highlighted. As advanced international experience, the U.S. insurance regulatory model is analyzed. Mechanisms such as state supervision, rate management, the distribution of authority between federal and state levels, bank-insurance integration, international expansion, and electronic databases are identified as significant for practical application. The study proposes several practical recommendations for developing Uzbekistan’s insurance market: strengthening control over insurance contracts, providing state support for socially significant risks, enhancing bank-insurance cooperation, developing brokerage activities, and establishing a legal framework for mutual insurance societies.