FUNDAMENTALS OF INSURANCE SERVICES MARKET DEVELOPMENT

Аннотация

The market of insurance services is a set of economic relations related to the sale of insurance services. Insurers, reinsurers, insurance brokers, and agents are professional participants intheinsurance services market. Key words. insurance, insurance market, insurance service, insurance protection, state budget, bank,financial institutions,stock market, investment, deposit, finance, production, competition. Introduction. Comprehensive reforms in the Republic of Uzbekistan and the abolition of the statemonopoly in the insurance sector will increase the market for insurance services. It created conditions for the formation of the insurance services market, which is territorially divided into international, regional, and national insurance services markets. The international insurance services market covers international insurance services provided by insurance organizations of some relatively developed countries. For example, the American insurance company 'AIG' (American International Group) operates in over 100 countries, including the Republic of Uzbekistan. The regional insurance services market is the insurance services market of countries that are geographically, trade-economically, and culturally close to each other. An example of this is the European Union regional insurance services market. The insurance services market operating within the territory of individual states is referred to as the national insurance market. In recent years, the national and regional insurance services market has become the market for international insurance services. The process of integration is being observed. Insuranceservices are related to lifeinsurance, depending onthespecialization within aspecific field of insurance. The market of insurance services is divided into the market of general insurance services, except for life insurance. For example, in the USA, Japan, and some countries of the European Union, the market for insurance services related to life insurance is quitedeveloped. More than 20 insurance organizations operate in the insurance market of Uzbekistan. The largest insurance companies include "Uzbekinvest," a national export-import insurance company, "Uzagrosugurta," a state joint-stock insurance company, and "Madad," an insurance agency. One of the characteristics of the insurance market of Uzbekistan is the specialization of existing insurance organizations in various sectors of the economy. For example, the state-owned insurance company "Uzagrosugurta" provides insurance protection for the agricultural production sector and the population; "Kafolat" provides insurance services to legal entities and individuals in cities; "Uzbekinvest," an export-import national insurance company, provides insurance protection for export-import operations; "Birja-savdosugurta" provides cargo insurance; "ALSKOM," the insurance organization, specializes in providing insurance services page377 INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE ISSN:2692-5206,ImpactFactor:12,23 AmericanAcademicpublishers,volume05,issue06,2025 Journal: https://www.academicpublishers.org/journals/index.php/ijai to the communications and telecommunications sectors; and the "ISHONCH" insurance organizationspecializes in insurance protection ofproperty interests ofcommercial banks. The market of insurance services is regulated by the state in all countries of the world. Its purposeis to protect the legal interests oftheparties involved in insurance relations. Method. The insurance market is an integral part of the country's financial market, the subject of sale and purchase of which is an insurance product. The consumer characteristics of these products are very specific and different from other financial market products. Their uniqueness comes from the essence of insurance.The universality of insurance determines the direct connection of the insurance market with the finances of enterprises and the finances of the population. The banking system, state budget and other financial institutions, and insurance relations are carried out within it. In these relationships, the respective financial institutions serve as both insurers and consumers of the insurance product. A special relationship is formed between the insurance market, state budgets, and extra-budgetary funds concerning the establishmentof compulsory insurance. A stable financial relations market has securities, the banking system, the currency market, and state and regional finance, where insurance organizations place insurance reserves and other investmentresources. The activity of the insurance market is carried out within the framework of the country's financial system, both on the basis of partnerships and in a competitive environment. There is free competition among different financial institutions for the funds of the population and business entities. If the insurance market offers, for example, life insurance products, banks offer deposits,the stock market offers securities, e