FACTORS INFLUENCING THE DEVELOPMENT OF COMPETITION IN THE INSURANCE MARKET

Authors

  • Eldor Nozimov Samarkand Institute of Economics and Service Senior Lecturer, Department of "Investment and Innovations"

DOI:

https://doi.org/10.55640/

Keywords:

Insurance market; competition development; market regulation; product innovation; pricing strategy; digitalization; consumer demand; strategic partnerships; market efficiency; regulatory environment.

Abstract

 This article examines the key factors that influence the development of competition in the insurance market. The study analyzes the regulatory framework, market structure, product innovation, pricing strategies, and technological advancements that affect competitive dynamics among insurance companies. Attention is given to the role of market liberalization, digitalization, consumer demand, and strategic partnerships in enhancing competition. The paper also explores challenges such as market concentration, regulatory barriers, and information asymmetry that can hinder effective competition. Based on empirical observations and comparative analysis, the study proposes recommendations for creating a more competitive, efficient, and consumer-oriented insurance market.

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References

1.Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.

2.Outreville, J. F. (2013). Theory and Practice of Insurance. Springer.

3.Cummins, J. D., & Weiss, M. A. (2014). "Systemic Risk and the U.S. Insurance Sector." Journal of Risk and Insurance, 81(3), 489–528.

4.Kong, W., Leung, C., & Wong, C. (2019). "Technology and Competition in the Insurance Industry." Journal of Risk Finance, 20(2), 101–120.

5.European Insurance and Occupational Pensions Authority (EIOPA) (2022). Insurance Market Regulation and Competition Guidelines. EIOPA Publications.

6.Swiss Re (2021). Sigma Report: World Insurance Market Trends and Competition. Swiss Re Institute.

7.OECD (2022). Insurance and Competition in Global Markets. OECD Publishing.

8.Harrington, S. E., & Niehaus, G. (2004). Risk Management and Insurance. McGraw-Hill.

9.Outreville, J. F. (1996). "Life Insurance Markets in Developing Countries." Journal of Risk and Insurance, 63(2), 263–278.

10.World Bank (2020). Developing Competitive Insurance Markets: Policy and Regulatory Considerations. World Bank Publications.

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Published

2026-03-13

Issue

Vol. 5 No. 03 (2026): Journal of Multidisciplinary Sciences and Innovations

Section

Articles

License

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors retain the copyright of their manuscripts, and all Open Access articles are disseminated under the terms of the Creative Commons Attribution License 4.0 (CC-BY), which licenses unrestricted use, distribution, and reproduction in any medium, provided that the original work is appropriately cited. The use of general descriptive names, trade names, trademarks, and so forth in this publication, even if not specifically identified, does not imply that these names are not protected by the relevant laws and regulations.

How to Cite

FACTORS INFLUENCING THE DEVELOPMENT OF COMPETITION IN THE INSURANCE MARKET. (2026). Journal of Multidisciplinary Sciences and Innovations, 5(03), 691-694. https://doi.org/10.55640/

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