Dilorom Tadjibaeva. Doctor of Economics.
рrofessor of the “Economics” department of the Tashkent Financial Institute
Tashkent, Uzbekistan. Email:

ORCID: 0000-0002-5257-4706

          Abstract: The relevance of this study lies in the fact that, based on the analysis of modern trends in the insurance system, reasons for the underdevelopment of the insurance market in Uzbekistan to date have been determined. The article shows the need of relationship between state regulation and self-regulation and the role of creation of formal institutions and the institutional environment for development of the insurance market in Uzbekistan. According to the conclusions drown, proposals to solve problems and develop the insurance market have been made.

        Formation and development of the market economy fundamentally changes the role and place of insurance in the system of economic relations. Insurance companies become one of the most important institutions of the modern national economy and play an important role in ensuring its continuous and efficient operation and sustainable growth. Insureds are active consumers of these services and place their savings in this area. This goal has not yielded to expected levels in the insurance market of our country. We can see this based on a system of multifaceted indicators that represent the important features of the insurance market’s level of achievement and development quality. For example, gross insurance premiums per capita were only 6,013 soums in 2010 and 28,876 soums in 2017.[1. However, the Law “On Insurance Activities” was adopted on April 5, 2002.].

In the article, the reasons for this are studied on the basis of an institutional approach, unlike other studies, based on the imperfection of formal and informal institutions in our republic.

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