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Digest Finance
 

Insurance Market of Uzbekistan and Need for Mutual Insurance Companies

Vol. 23, Iss. 2, JUNE 2018

PDF  Article PDF Version

Received: 3 October 2017

Received in revised form: 1 November 2017

Accepted: 18 January 2018

Available online: 30 June 2018

Subject Heading: Insurance

JEL Classification: G2, G22

Pages: 221–229

https://doi.org/10.24891/df.23.2.221

Kuldashev K.M. Tashkent Financial Institute, Tashkent, Republic of Uzbekistan
KuldashevKM@gmail.com

ORCID id: not available

Importance The article reviews mutual insurance, its distinctions, advantages and demand for it in Uzbekistan.
Objectives The research determines the position of Uzbekistan's insurance market and identifies its development issues. I substantiate advantages of mutual insurance and benefits if it is implemented in certain sectors of the economy, including agriculture.
Methods The methodological underpinning comprises basic research in insurance. The research employs structural, logic and systems approaches.
Results I analyze and compare the current situation in Uzbekistan's insurance market and those in other countries. Drawing upon the previous research, I determine distinctions of the situation, weaknesses and issues of Uzbekistan's insurance market. The article also points out general and specific traits of mutual and commercial insurance, emphasizing the advantage of mutual insurance. Mutual insurance companies seem to be one of the development solutions for the insurance market, especially in case of agriculture.
Conclusions and Relevance Based on the findings, I provide my recommendations for developing the insurance market and improving the quality of services. To ensure the concurrent promotion of the insurance market and commercial insurance, mutual insurance should be introduced in agriculture.

Keywords: insurance services, insurance market, insurance premium, mutual insurance, commercial insurance

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