Socio-Economic Aspect of Theoretical Development of Insurance

This article explores the socio-economic aspects of the theoretical development of insurance in the context of an innovation-driven economy. The objective is to analyze the growing role of insurance in Uzbekistan’s financial framework, particularly as it intersects with new financial services and ownership structures. A mixed-method approach was applied, utilizing both qualitative and quantitative analyses based on Uzbekistan’s national statistics and an extensive literature review. Findings indicate that insurance in Uzbekistan has traditionally focused on state-supported coverage for natural disasters but lacks adequate mechanisms for commercial, political, and technical risks. The study emphasizes the need for diversified insurance models that can support liability protection, income stability, and environmental safeguards, aligning with international trends. Additionally, the structural-level analysis illustrates the technical, socio-economic, and organizational layers of insurance, underscoring its role in stabilizing economic development. Ultimately, the study highlights a significant gap in Uzbekistan's insurance services, particularly in liability coverage and risk management. Expanding insurance policies to cover these emerging needs will strengthen Uzbekistan's socio-economic resilience and support sustainable growth within an evolving market economy.