The United Nations Development Program (UNDP), in cooperation with the National Agency of Perspective Projects of the Republic of Uzbekistan (NAPP), conducted a training for the insurance market regulator and insurance sector specialists. Prof. Karel van HULLE, Professor, KU Leuven - Goethe University Frankfurt, Germany was the lector of the training.

The main goal of the training is to strengthen institutional systems, processes, and governance based on the understanding of the Solvency II directive of the participants in the insurance market of Uzbekistan.

The training was held on October 29–30, 2024, in Tashkent with the participation of more than 40 participants representing the National Agency of Perspective Projects, the Association of Professional Participants of the Insurance Market, insurance companies, and other agencies from the government and the private sector.

“Capacity building is the cornerstone for the development of the insurance industry in Uzbekistan. The Solvency II regime provides a unique and sustainable way to develop, protect, and regulate insurance; therefore, the participation in the training was very useful and important for the representatives of the insurance market of Uzbekistan”, noted Kamoliddin Abdurakhimov, Director of the Association of the Professional Participants of the Insurance Market of Uzbekistan.

“Uzbekistan puts an ambitious aim for further development of the insurance market, including compliance with the Solvency II directive. Regulation of the insurance market requires more and more effort due to the constant increase of the different risks around the world. Risk management in the insurance industry is crucial to the maintenance of sustainable development in the industry. Participation in the training on Solvency II gives both the insurance regulator and the insurance industry important knowledge and indicates the clear way for further development of the insurance market aimed at economic growth and protection of the people of Uzbekistan from arising risks”, emphasized Orifjon Fayziev, Head of Insurance Market Development Department, the NAPP.

“I would like to notice that Uzbekistan has a tremendous potential for the development of the insurance in the country that will provide sustainable economic growth and protection for the people of Uzbekistan from various risks”. “To be in compliance with the Solvency II regime requires a step-by-step mutual cooperation and enormous efforts in each step of the long way, both from the government and insurance industry of the country”, said Professor Karel Van Hulle.