THE ROLE OF THE INSURANCE MARKET IN THE DEVELOPMENT OF GREEN TYPES OF INSURANCE: SCIENTIFIC-THEORETICAL AND PRACTICAL APPROACH

Аннотация

The article analyzes the scientific and theoretical foundations of types of green insurance within the green economy, international practice, as well as the possibilities of implementing and developing these types of services in the context of Uzbekistan. It also puts forward existing problems and practical proposals for their elimination. Key words: green economy, green insurance, environmental risk, insurance market, sustainable development. Introduction. In order to ensure sustainable development and environmental safety in Uzbekistan, the transition to a green economy has become one of the priority areas. The role of the insurance sector in this process is increasingly increasing, especially the importance of types of "green insurance" that provide protection against environmental risks. One of the main areas of sustainable development of the modern economy is to ensure environmental safety and rational use of natural resources. In this process, the importance of the insurance sector, in particular, types of green insurance, is increasing. Green insurance is not only a means of financially eliminating environmental risks, but also an important mechanism for stabilizing the country's economy. On March 1, 2024, Resolution No. PQ-108 "On comprehensive measures for the further development of the insurance services market" was adopted, which for the first time in official government documents reflected the provision on "green insurance" as an object of scientifically based policy. Instructions were also given to introduce "green insurance" products[1]. The resolution mentions the term "green insurance" not only as a practical tool, but also as an important institution in ensuring economic stability. This allows us to consider these types of insurance as an object of scientific research. First, we should dwell on the concept of green insurance and its types. Green insurance includes insurance services that protect against environmental risks, natural disasters, pollution, and renewable energy projects. These types of insurance serve to protect the country's ecosystem and encourage businesses to be environmentally responsible.Yashil sug‘urtaning asosiy turlari quyidagilar: https://scientific-jl.com/new 44 33 Volume–78_Issue-3_June-2025 JOURNAL OF NEW CENTURY INNOVATIONS Natural disaster insurance is a type of insurance aimed at eliminating economic losses resulting from natural or man-made factors such as floods, droughts, fires, earthquakes, winds and landslides. This type of insurance is a means of ensuring financial stability for residents and entrepreneurs living in areas prone to natural disasters. In Uzbekistan, there are areas prone to natural disasters, with a high risk of drought in agricultural lands, floods and landslides in mountainous and foothill areas, as well as drought and heat stress in the Republic of Karakalpakstan and Surkhandarya region, as well as fire and wind risks in construction and urban development, and we understand the need for green insurance. Renewable energy projects (RES) are projects to produce electricity or heat using solar, wind, hydropower, biomass, and geothermal sources. These projects are capital- intensive, but also involve high risk. Due to their high dependence on weather factors (for example, solar panels are ineffective on rainy days), technical failures, construction delays, or licensing issues, as well as legal and environmental risks, insuring these projects is a guarantee tool for investors, banks, and the state. Renewable energy project insurance is a strategic mechanism in the transition to a green economy in Uzbekistan. This type of insurance helps reduce investment risks, increase project efficiency, and ensure the environmental sustainability of the country. Environmental liability insurance is a type of insurance for legal entities or individuals for damage to the environment caused by their activities. Environmental liability insurance is one of the types of “green insurance” that is widely used in international practice and is very relevant for Uzbekistan. This type of insurance provides financial protection for enterprises and organizations from environmental risks, insures payments and reimbursement of expenses in cases of environmental pollution, and strengthens social responsibility to the state and society. Environmental liability insurance - along with environmental protection, serves to form a socially responsible business environment. The development of this type of insurance in Uzbekistan is considered an important mechanism for protecting the interests of the state, entrepreneurs and society.[3] Financial protection of eco-infrastructures is the basis of the concept of "green insurance". This direction is aimed at protecting objects, projects and infrastructures aimed at protecting the environment from risks. Eco-infrastructure is infrastructure objects built and operated for the purposes of environmental protection and sustainable developme