The Role and Importance of Insurance in the National Economy
Nargizakhon Iminova1, Sherzod Sindarov2

1Nargizakhon Iminova, Economics in ICT Department, Tashkent University of Information Technologies, Tashkent, Uzbekistan.
2Sherzod Sindarov, Economics in ICT Department, Tashkent University of Information Technologies, Tashkent, Uzbekistan.

Manuscript received on 02 June 2019 | Revised Manuscript received on 10 June 2019 | Manuscript published on 30 June 2019 | PP: 1065-1070 | Volume-8 Issue-8, June 2019 | Retrieval Number: H6567068819/19©BEIESP
Open Access | Ethics and Policies | Cite | Mendeley | Indexing and Abstracting
© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (

Abstract: This article describes the nature of the insurance, the history of insurance, the development of the insurance market in Uzbekistan, the role of insurance services, and the features of its development in the country. The need to develop every single branch of the economy in a phased transition to the market economy means that it has to be rationally used. Our government pays great attention to development and modernization of all spheres. Accelerated development of various sectors of the economy, in turn, will accelerate the emergence of various risks in the activities of this sector. It is known that in the world practice of risk management, there are three main methods of risk reduction, which are diversification of risks or their separation, risk insurance and the creation of a capital reserve for covering damage resulting from risks. According to the experience of the developed countries, the most effective one for business entities in the above-mentioned methods is risk insurance. It is clear that the risk insurance is less expensive than other methods and allow you to take into account the consequences of adverse effects, and provides with information for calculating the benefits of its use. In the scientific article mainly was used the empirical method of research, analyzes statistical data in the insurance market of Uzbekistan using the information provided in the textbooks of local and foreign scientists. Based on the results of the analysis, conclusions and recommendations on the development of the insurance market are presented.
Keyword: Insurance, Insurance activity, Insurance market, Insurance payments, Compulsory insurance, Insurance companies, Insurers, Insurance agents, Actuaries, Insurance surveyors.
Scope of the Article: Marketing and Social Sciences.