Insurance business in Uzbekistan: state, perspectives and their coverage in the media
22 May 2008 INTERCONTINENTAL TASHKENT
Tashkent, Republic of Uzbekistan
22 May 2008, Tashkent - One of the most important achievements in Uzbekistan's progress is the establishment of the insurance market environment, liquidation of the state's monopoly for insurance services. Over the years of independence major improvements have been observed in the reform and development of the insurance sector.
This is first of all determined by the active state policy according to which the insurance market is viewed by the state agencies as one of the key elements of the country's market infrastructure.
It is worth noting that for the purpose of developing the insurance services market to match the international standards, and stimulating active participation of legal and private entities in insurance, all sorts of favourable conditions, such as tax benefits and preferences have been created for the insurance companies and consumers in Uzbekistan.
Currently 28 insurance companies, one reinsurance company, two insurance brokers and two assistance services are present in the insurance market of Uzbekistan.
According to the results of 2007, insurance companies received over 72.3 billion soums in insurance premiums for voluntary and mandatory types of insurance. This exceeds the results of the previous year by 45.5%. In the past five years the insurance premiums collected by the insurance companies have grown 3.3 times.
The role of insurance is particularly high in the context of economic reforms as it stimulates the development of business activity, improves the investment climate and plays a special part in provision of social protection to the population.
At this time measures are being taken in the country to further stimulate the formation of a competitive market of insurance services, improvement and development of modern types of insurance, as well as enhancement of the quality of insurance activity.
The Programme of Reform and Development of the Insurance Market of the Republic of Uzbekistan for 2007-2010 approved by the Presidential Resolution "On measures to further reform and develop the insurance services market" No. 618 of 10 April 2007 is likely to become one of the main factors in determining the development of insurance in Uzbekistan.
Also, for the purpose of comprehensive use of the opportunities offered by insurance, efforts are being given to improve the legal framework for mandatory insurance. In particular, on 22 October this year the Law of the Republic of Uzbekistan "On mandatory insurance of civil liability of vehicle owners" will enter into force.
At the same time, it is worth noting that the opportunities in the reform of the insurance sphere are not being used to their full. A lot still has to be done to meet the tasks set by the programme. An important role in this belongs to mass media. In particular, familiarization of different groups of population with the reforms being implemented in the insurance sector, detailed elucidation of the results achieved, problems faced and measures being taken to tackle them serve the popularization and further expansion of the insurance services market.
On 22 May 2008 the "Insurance Business in Uzbekistan: Condition, Prospects and Media Coverage" Forum was held in Tashkent. The forum was organized by SAIPRO Company and supported by the Public Foundation for the Support and Development of Media of the Republic of Uzbekistan, the Association of Professional Participants of the Insurance Market of Uzbekistan, and the Chamber of Commerce and Industry.
During the forum the issues concerning the priority tasks for the development of insurance business in Uzbekistan, raising public awareness about the achievements made on the way to reforming the domestic insurance market, as well as the improvement of the level of insurance culture of the population and intensification of the work on elucidation of the reforms being implemented in the sphere of insurance were discussed.
Among the participants of the forum were the members of the Senate and the deputies of the Legislative Chamber of Oliy Majlis (parliament) of the Republic of Uzbekistan, the representatives of ministries and agencies, state and public organizations, managers of insurance, leasing companies and banks, the executives of investment companies, heads of universities and the representatives of the United Nations Development Programme Office in Uzbekistan.
ORGANIZER
"SAIPRO" company
Supported by Public Fund for Support and Development of Independent print media and news agencies of Uzbekistan
OFICIAL SUPPORT
Ministry of Finance of the Republic of Uzbekistan Chamber of Commerce and Industry of the Republic of Uzbekistan Association of Professional Participants of the Uzbek Insurance Market
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