"GREEN INSURANCE" IN UZBEKISTAN: STATUS AND WAYS OF DEVELOPMENT

Аннотация

The article examines the importance and relevance of green insurance. The problems of implementing a green insurance system in Uzbekistan are studied, and proposals and recommendations for developing a green insurance system based on modern international criteria are formulated. Keywords: ecology, environmental risks, environmental audit, green insurance, insurance organizations. Introduction. Today, global climate change, ecological imbalances, and the increase in natural disasters pose urgent and urgent issues for humanity. At the same time, there is an increasing need to implement the principles of sustainable development in all sectors of the economy. In particular, in the field of financial services, environmental risk management, their minimization, and the creation of compensation mechanisms are taking an important place among modern approaches. From this perspective, the concept of “green insurance” is emerging in the global insurance market as a means of insuring environmental risks, taking economic protection measures against climate risks, and raising the environmental awareness of the population. This type of insurance serves not only to compensate for environmental damage, but also to encourage businesses operating in accordance with environmental standards, reduce their carbon footprint, and support the introduction of green technologies. https://scientific-jl.com/luch/ 2 1 2 Часть-46_ Том-5_ июнь-2025 The growing environmental challenges in the socio-economic development of the Republic of Uzbekistan, in particular, risks associated with climate change, water scarcity, land degradation and atmospheric pollution, are putting the need for a transition to a green economy on the agenda. The introduction of green insurance in the process of reforming and diversifying the insurance market in the country can not only ensure environmental sustainability, but also increase the climate resilience of the financial system. This article analyzes the need to form and develop a green insurance system in Uzbekistan, its institutional, economic and legal foundations, international experience and possibilities for application in national conditions. It also identifies existing problems and obstacles and develops scientifically based proposals and recommendations to overcome them. Literature review. The scientific literature on green insurance has expanded significantly in recent years due to the increasing relevance of sustainable development, environmental risks, and financial adaptation to climate change. Research in this area has focused mainly on environmental risk assessment, integration of green finance with the insurance sector, parametric insurance, and the formulation of insurance products based on ESG (Environmental Social Governance) criteria. Clements J. & Kreft S. “Climate Risk Insurance: Closing the Protection Gap” study demonstrates the relevance of green insurance as a mechanism for managing climate change risks through insurance and filling protection gaps [6]. Swiss Re Institute 's report " The economics of climate change: no action not an option" analyzes the vulnerability of the insurance market to climate risks, the creation of new financial products, and the relationship between green investments and the insurance sector [7]. https://scientific-jl.com/luch/ 2 1 3 Часть-46_ Том-5_ июнь-2025 Sobol O.S. The article “Green Insurance: Taking into account environmental factors in the activities of Russian insurers” examines the status and prospects of green insurance in the Russian Federation [4]. Rustam Azimov and Mirodil Mirsadikov's article “Green Insurance in Uzbekistan – Current State, Challenges, and Development Prospects: A Theoretical Analysis” outlines the need for the development of green insurance in Uzbekistan, the main obstacles, and solutions [3]. Methods. In carrying out this research expert assessment, generalization , Comparison and analysis methods were used. Analysis. Climate change is having a negative impact on the global economy. Issues of environmental protection and ecological sustainability are currently relevant on a global scale, and the introduction of effective economic instruments in this direction is of great importance. One of such instruments is green insurance . Through the green insurance system, financial management of environmental risks arising in various sectors of the economy, stimulation of economic activity combined with nature conservation, and ensuring environmental security are achieved. Such insurance products help solve social and economic problems arising from climate change. Green insurance is an insurance mechanism aimed at financially mitigating economic losses resulting from environmental risks, climate change, natural disasters, pollution, carbon emissions, and other similar situations caused by natural and anthropogenic factors. Its main task is to redistribute environmental risks, protect society and business entities from natural hazards,