Priority directions of life insurance development in uzbekistan

Conclusions and suggestions. Despite the external favorable indicators describing the level of development of the insurance market in Uzbekistan, the transition from a planned economy to a market economy, unfortunately, did not mean an increase in the role of insurance in solving social problems. This is also confirmed by the low ratio of the total insurance premium to GDP. Currently, the share of life insurance premiums in GDP is 0.1%, and in developed countries this figure is 2-10%. it should be remembered that it includes the sums received for compulsory health insurance, which is not available in the countries. Accordingly, the figures are not 100% comparable. In my opinion, life insurance is not only in the early stages of development, but has a number of major problems, the solution of which depends on the adoption of well-thought-out systematic measures by the authorities. At the same time, there is no need for the state to actually make financial, intellectual and other investments in the market, it is enough to implement a number of legislative and administrative actions. It is necessary to create both legal and economic favorable conditions for this. As a result of this research, the following necessary conclusions can be drawn:

• 
  Optimizing the efforts made by the government of Uzbekistan in various spheres of economic management and regulation, directing them to solving the main and medium-term tasks of life insurance development in Uzbekistan;
  

Taking into account the above, the following can be defined as the priority directions for the development of life insurance in Uzbekistan:

• 
  improvement of the national legal framework, taking into account advanced foreign experiences regarding the regulation of the life insurance network and types of personal insurance;
  
• 
  increase the solvency and ensure financial stability of insurers in the life insurance network, improve the quality of their assets, as well as expand the composition and types of investment instruments;
  
• 
  implementation of life insurance companies' mechanisms for wide promotion of life insurance products among the population in cooperation with commercial banks;
  
• 
  effective use of modern information technologies and active introduction of electronic types of insurance services in order to provide consumers with a wide range of life insurance products;
  
• 
  creation and implementation of unified software that automates business processes of life insurance companies, as well as investment activities, formation of insurance reserves and processes of reviewing insurance events;
  
• 
  to create a system of effective protection of the obligations of life insurance companies that provide insurance services for long-term life insurance to consumers
  
• 
  development of long-term pension insurance that protects against inflationary factors in order to further increase the standard of living of the population;
  
• 
  in order to increase the level of pension provision of citizens, to improve the mechanisms of voluntary pension insurance and long-term (five years and more) types of insurance, to create a privilege for the conversion of insurance premiums paid through these types of insurance into foreign currency ;
  
• 
  to increase the population's confidence in long-term life insurance and voluntary pension insurance and to establish the "Life Insurance Payment Guarantee Fund" in order to guarantee their insurance payments, it is necessary to determine the sources of its financing and the purposes of using the funds of the fund. The reason is that ensuring the financial stability of the life insurance market is one of the main conditions for its effective development.
  

In this regard, life insurance services are a priority in the regulation of consumer rights protection in the insurance sector. Various methods are used to protect the legal interests of the insured, developed by the state bodies authorized to regulate the insurance market. insurance consists of creating a system that guarantees payments. Today, there is no guarantee mechanism for life insurance payments in Uzbekistan. At the same time, the establishment of a payment guarantee system for insurance life insurance services creates conditions for the rapid development of the market and population life insurance, increases confidence. In this regard, in the current state of life insurance, analyzing the feasibility of their organization by assessing the need and prospects for the payment guarantee system is an important direction for further reforming the national insurance market and ensuring its rapid development.
As another important proposal for the development of life insurance, the life insurance branch of the insurance classifier includes "life insurance to secure obligations", "long-term voluntary pension insurance", "with return of capital" I suggest to add "life insurance" classes. This, in turn, serves to develop innovative life insurance products in the national insurance market, expand the size and types of life insurance services, and further increase the importance of life insurance in economic and social processes.