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


Kuldashev K.M. Tashkent Financial Institute, Tashkent, Republic of Uzbekistan

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


  1. Logvinova I.L. Vzaimnoe strakhovanie kak metod sozdaniya strakhovykh produktov v rossiiskoi ekonomike [Mutual insurance as a method of creating insurance products in the Russian economy]. Moscow, Ankil Publ., 2010, 246 p.
  2. Safuanov R., Kashipova I., Ryabchikov A. [On certain directions of economic analysis and performance evaluation of mutual insurance companies]. Strakhovoe delo = Insurance Business, 2009, no. 7, pp. 24–28. (In Russ.)
  3. Fogel'son Yu.B. Strakhovoe pravo: teoreticheskie osnovy i praktika primeneniya [Insurance law: Theoretical framework and practical application]. Moscow, Norma Publ., INFRA-M Publ., 2012, 576 p.
  4. Grishin A.V. Pravovaya priroda strakhovaniya i organizatsiya strakhovoi deyatel'nosti [The legal nature of insurance and organization of insurance activity]. Orel, Orel Law Institute of the Ministry of Internal Affairs of Russia Publ., 2009, 298 p.
  5. Safuanov R.M. Vzaimnoe strakhovanie v Rossiiskoi Federatsii: ekonomiko-organizatsionnye aspekty i analiz stanovleniya [Mutual insurance in the Russian Federation: Economic and organizational aspects and analysis of formation]. Ufa, USAES Publ., 2011, 222 p.
  6. Abramov V.Yu. [Mutual insurance companies. Specifics of legal status]. Strakhovoe pravo = Insurance Law, 2005, no. 2, pp. 4–7. (In Russ.)
  7. Logvinova I.L. Vzaimnoe strakhovanie v Rossii: osobennosti evolyutsii [Mutual insurance in Russia: Special aspects of evolution]. Moscow, Finansy i statistika Publ., 2009, 175 p.
  8. Liker J. Dao Toyota: 14 printsipov menedzhmenta vedushchei kompanii mira [The Toyota Way: 14 Management Principles from the World's Greatest Manufacturer]. Moscow, Al'pina Biznes Buks Publ., 2006, 402 p.
  9. Voblyi K.G. Osnovy ekonomii strakhovaniya [Basic concepts of insurance economy]. Moscow, Ankil Publ., 1995, 228 p.
  10. Dad'kov V.N. [Mutual Insurance Company Management System]. Upravlenie strakhovoi kompaniei = Insurance Company Management, 2007, no. 4, pp. 23–29. (In Russ.)
  11. Orishchenko I.V. [Agricultural insurance in European countries and possibilities to use the European experience in Russia]. Sovremennaya ekonomika: problemy i resheniya = Modern Economics: Problems and Solutions, 2010, no. 2, pp. 114–123. (In Russ.)
  12. Besfamil'naya L.V., Tavrel' V.S. [Qualitative factors of domestic insurance market growth: Major priorities and ways of improvement]. Strakhovoe delo = Insurance Business, 2009, no. 3, pp. 8–17. (In Russ.)
  13. Reikher V.K. Obshchestvenno-istoricheskie tipy strakhovaniya [Socio-historical types of insurance]. Moscow, Yukis Publ., 1992, 282 p.
  14. Adamchuk N.G., Dvurechenskikh A.V. [Modern trends in insurance development in Islamic countries]. Strakhovoe delo = Insurance Business, 2015, no. 8, pp. 50–61. (In Russ.)
  15. Turbina K.E., Dad'kov V.N. Vzaimnoe strakhovanie [Mutual insurance]. Moscow, Ankil Publ., 2007, 342 p.
  16. Mirsadykov M.A., Ashrafkhanov B.B. [Current status and trends in the insurance market Uzbekistan development]. Strakhovoe delo = Insurance Business, 2001, no. 11, pp. 58–64. (In Russ.)

View all articles of issue


ISSN 2311-9438 (Online)
ISSN 2073-8005 (Print)

Journal current issue

Vol. 23, Iss. 3
September 2018