UZBEKISTAN: new measures to increase popularity and quality of insurance services

12 March 2024 — Marina MAGNAVAL
On March 1, 2024, the President of the Republic of Uzbekistan adopted a resolution “On comprehensive measures for the further development of the insurance market”, which introduces several innovations in insurance, the National Agency for Prospective Projects of Uzbekistan reports.

Innovations include:

- Facilitating access of the population and businesses to insurance services, as well as ensuring transparency of the activities of insurance organizations by introducing new digital technologies in the industry.

- Strengthening protection of the rights and interests of consumers of services, increasing the financial literacy of the population, popularizing, and introducing new types of insurance.

- Suppression of factors negatively affecting healthy competition and solvency.

- Training of new generation personnel in the insurance sector.

It is noted that adoption of these measures is aimed at further development of the insurance market, increasing the popularity and quality of insurance services through widespread introduction of modern technologies into the industry, as well as further improvement of the regulation.