PRIORITY AREAS FOR THE DEVELOPMENT OF LIFE INSURANCE IN UZBEKISTAN

Аннотация

The article provides information on the definition of life insurance and its main features, as well as its role in social protection. As a result of the abolition of tax benefits related to life insurance, an analysis of insurance premiums received in the life insurance industry under the influence of a decrease in insurance demand has been conducted, and proposals and recommendations for its development have been developed. KEYWORDS: Insurance, insurance market, life insurance, insurance premium, insurance payments, insurance liability, funded life insurance, life insurance companies, insurance classes Introduction: There are 38 insurance organizations operating in the country's insurance market, 7 of which specialize in life insurance. They are distinguished by their specialization in various sectors of the economy. Significantly, insurance services are regulated by the state in order to protect the legitimate interests of the parties involved in insurance relations. In accordance with the Decree of the President of the Republic of Uzbekistan dated October 23, 2021 "On Additional Measures for the Digitalization of the Insurance Market and the Development of the Life Insurance Sector," starting from July 1, 2022, the possibility of purchasing all types of insurance policies online through the Internet should be created. According to the 2022 indicators of this system, the total volume of insurance premiums amounted to 6.2 trillion soums. 76 percent of it falls on general insurance, and 24 percent on life insurance. 10% of the total insurance premiums are formed from mandatory insurance contributions, the remaining 90% is the share of voluntary insurance premiums. In 2021, these figures were 16 percent and 84 percent, respectively. These figures indicate the growing popularity of voluntary https://scientific-jl.com/luch/ 1 3 0 Часть-47_ Том-1_ июнь-2025 insurance classes in our country. Nevertheless, the volume of life insurance premiums in Uzbekistan is 0.17% of GDP. This means an average of $3.91 per capita. For comparison, this figure reaches $31.24 in Kazakhstan and $21.85 in Turkey. The total volume of insurance premiums is 0.52% of GDP and averages $12.1 per capita. This figure is $58.5 in Kazakhstan and $119.7 in Turkey. Accident and health insurance premiums account for 0.01% of GDP and average $0.28 per capita. This figure is $10.1 in Kazakhstan and $24.5 in Turkey. The total volume of insurance premiums is 0.52% of GDP and averages $12.1 per capita. This figure is $58.5 in Kazakhstan and $119.7 in Turkey. Accident and health insurance premiums account for 0.01% of GDP and average $0.28 per capita. This figure is $10.1 in Kazakhstan and $24.5 in Turkey. This indicates the need to pay special attention to the development of these insurance classes. At the present stage of the reforms being carried out in our country, the active development of insurance services aimed at ensuring sustainable economic growth and improving the quality and standard of living of the population requires strengthening the role of life insurance in the national insurance market. In modern conditions, increasing the insurance literacy of the population and trust in insurance, popularizing life insurance, expanding the range of life insurance services, and ensuring the level of consumer satisfaction with the quality of life insurance services are of particular importance. Therefore, promising measures are being implemented in the national insurance market. Studies have shown that the lack of information about life insurance among many potential policyholders and their low trust in insurance companies, as well as consumer dissatisfaction with the quality of insurance services, leads to their refusal to make life insurance decisions. Therefore, monitoring the life insurance market through social surveys, identifying and assessing the social, demographic, and economic factors influencing the demand for life insurance services, as well as the degree of their impact, is a very important https://scientific-jl.com/luch/ 1 3 1 Часть-47_ Том-1_ июнь-2025 process. This will allow for the development of recommendations for improving the quality and competitiveness of life insurance products. Analysis of literature on the topic. In the article "Foreign Experience in the Development of Life Insurance and the Necessity of its Development in Uzbekistan," prepared by A. Temirkulov, it is emphasized that a progressive type of life insurance is an unchanging type of insurance in preventing various life risks. In the opinion of M. Bekberganov and A. Ikromov In his article "Current State of Life Insurance in Uzbekistan and Ways of its Development," he acknowledged that life insurance is one of the types of insurance that plays an important role in human life, and its share in GDP is very small, and to increase this amount, the country needs to develop using the experience of foreign countries. In the article by O. Yuldashev "Ways to Improve Tari