Transformation of Uzbekistan's Insurance Market: A Path to Increased Trust and Efficiency
Keywords:
insurance sector, Uzbekistan, public trust, mandatory insurance, digital transformation, regulatory measures, educational initiativesAbstract
This article provides an assessment of the existing conditions within Uzbekistan's insurance sector, highlighting key issues and obstacles. It addresses the prevalent lack of trust among the public regarding insurance services, inadequate appreciation of insurance's significance, challenges with compulsory insurance, and insufficient risk coverage. Furthermore, the paper explores strategies aimed at enhancing regulatory frameworks, promoting digitalization, and bolstering oversight of insurance entities. Additionally, it discusses initiatives aimed at enhancing personnel training quality and fostering insurance literacy through educational endeavors.
References
І. Litvinova, V. Kozub, and S. Kozub, “Analysis of the activity of the insurance company and prospects of its development on the market of insurance services (on the example of pjsc “insurance group ‘tas’),” Econ. Dev., vol. 22, no. 1, 2023, doi: 10.57111/econ/1.2023.38.
J. Chen, S. Xu, and J. Gao, “The mixed effect of china’s new health care reform on health insurance coverage and the efficiency of health service utilisation: a longitudinal approach,” Int. J. Environ. Res. Public. Health, vol. 17, no. 5, p. 1782, 2020, doi: 10.3390/ijerph17051782.
A. Anisimov, B. Inzhieva, and A. Ryzhenkov, “Environmental insurance in the mechanism of environmental protection in russia: how to improve its efficiency with the help of law?,” J. Prop. Plan. Environ. Law, vol. 15, no. 3, pp. 130–151, 2023, doi: 10.1108/jppel-12-2022-0036.
M. Orlicki, “Insurance law in poland,” Pravovedenie, vol. 65, no. 3, pp. 254–263, 2021, doi: 10.21638/spbu25.2021.301.
M. Zhou, S. Zhao, and Z. Zhao, “Gender differences in health insurance coverage in china,” Int. J. Equity Health, vol. 20, no. 1, 2021, doi: 10.1186/s12939-021-01383-9.
J. Qian, “Health reform in china: developments and future prospects,” Health Care Sci., vol. 1, no. 3, pp. 166–172, 2022, doi: 10.1002/hcs2.19.
S. Weedige, O. Hongbing, Y. Gao, and Y. Liu, “Decision making in personal insurance: impact of insurance literacy,” Sustainability, vol. 11, no. 23, p. 6795, 2019, doi: 10.3390/su11236795.
R. Peng, W. Zhang, X. Deng, and B. Wu, “Public trust in the long-term care insurance pilot program in china: an analysis of mediating effects,” Front. Public Health, vol. 10, 2022, doi: 10.3389/fpubh.2022.928745.
C. Courbage and C. Nicolas, “Trust in insurance: the importance of experiences,” J. Risk Insur., vol. 88, no. 2, pp. 263–291, 2020, doi: 10.1111/jori.12324.
K. M. Kuldashev, “Insurance Market of Uzbekistan and the Need to Create Mutual Insurance Societies,” Econ. Anal. Theory Pract., vol. 17, no. 4 (475), pp. 690–703, 2018.
Z. Sorochina, “‘The population has not formed trust in insurance services’ - Orifjon Fayziev,” Spot.uz. [Online]. Available: https://www.spot.uz/ru/2023/11/15/insurance/
B. Kajwang, “Factors contributing to existence of unethical practices in the insurance industry,” J. Adv. Sociol., vol. 3, no. 1, pp. 28–39, 2022, doi: 10.47941/jas.970.
Sh. A. Zakirkhodzhaeva, “Prospects for the development of the insurance services market in the Republic of Uzbekistan,” Cent. Asian J. Innov. Tour. Manag. Finance, vol. 2, no. 5, pp. 5–14, 2021.
A. Dolzhanskiy, О. Бондаренко, and Т. Vusatenko, “Personnel qualimetric assessment of the consumer information center of insurance organization,” Technol. Audit Prod. Reserv., vol. 6, no. 2(62), pp. 25–29, 2021, doi: 10.15587/2706-5448.2021.243994.
Ministry of Economy & Finance of Uzbekistan, Annual Report on the State of the Insurance Market. Tashkent, 2022.
T. Yu, “The effects of organizational justice, trust and supervisor–subordinate guanxi on organizational citizenship behavior: a social-exchange perspective,” Manag. Res. Rev., vol. 45, no. 8, pp. 985–1000, 2021, doi: 10.1108/mrr-03-2021-0238.
K. A. Sharipov and R. B. Khalikov, “ANALYSIS OF THE CURRENT STATE OF DIGITALIZATION OF INSURANCE IN UZBEKISTAN,” Econ. Finance Uzb., no. 6 (166), pp. 55–59, 2023.
F. Feng, “The problems and strategies of life insurance marketing in china,” Law Econ., vol. 1, no. 5, pp. 47–51, 2022, doi: 10.56397/le.2022.12.06.
S. Yanova, “Increasing the level of social protection of the population: the development features of the insurance market of the russian federation,” J. Environ. Treat. Tech., vol. 8, no. 4, pp. 1549–1555, 2020, doi: 10.47277/jett/1555.
National Agency for Advanced Projects, Report on the development of the insurance market for 2022. Tashkent, 2023.
J. Agyei, S. Sun, E. Abrokwah, E. Penney, and R. Ofori-Boafo, “Influence of trust on customer engagement: empirical evidence from the insurance industry in ghana,” Sage Open, vol. 10, no. 1, p. 215824401989910, 2020, doi: 10.1177/2158244019899104.
R. Sukmawan and Z. Zulganef, “The influence of insurance service reputation, customer relationship management, and price attractiveness on insurance service customer customer experience: a literature review,” Int. J. Bus. Econ. Soc. Dev., vol. 4, no. 1, pp. 32–37, 2023, doi: 10.46336/ijbesd.v4i1.366.
