THE ROLE, DEVELOPMENT AND PROSPECTS OF INSURANCE ORGANIZATIONS IN THE ECONOMY OF THE REPUBLIC OF UZBEKISTAN

Abstract

The insurance industry plays a crucial role in the economic landscape of the Republic of Uzbekistan, contributing to financial stability, risk management, and economic growth. This article explores the multifaceted role of insurance organizations within the Uzbek economy, examining their development and the prospects for future growth. It highlights the significant contributions of the insurance sector in mobilizing savings, providing a safety net for businesses and individuals, and facilitating investment and development projects. The evolution of the insurance industry in Uzbekistan is analyzed, tracing its growth from the early post-Soviet era to its current status and the reforms that have shaped its development. Furthermore, the article discusses the challenges faced by the insurance sector, including regulatory hurdles, market penetration issues, and the need for enhanced public awareness about the benefits of insurance. Looking forward, the article outlines potential strategies for the sector's expansion, emphasizing the importance of digitalization, product diversification, and international collaboration. By providing a comprehensive overview of the insurance industry's role and potential in Uzbekistan's economy, this article contributes to the ongoing dialogue on economic development and financial resilience in emerging markets.