INSURANCE RISK MANAGEMENT SYSTEM AND WAYS TO IMPROVE IT

Authors

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

DOI:

https://doi.org/10.55640/

Keywords:

insurance risk, risk management, underwriting risk, solvency, financial stability, internal control, reinsurance, digital risk assessment, enterprise risk management, Uzbekistan

Abstract

Risk management is a fundamental component of sustainable development and financial stability in the insurance industry. Insurance companies operate under various uncertainties, including underwriting risks, market risks, operational risks, and catastrophic events. Effective risk management systems enable insurers to minimize losses, maintain solvency, and improve service reliability. This study examines the theoretical and practical aspects of risk management systems in insurance companies and evaluates modern approaches to improving their effectiveness. The research analyzes international practices, regulatory standards, and the current state of risk management in Uzbekistan’s insurance market. The findings show that the implementation of integrated risk management frameworks, digital technologies, and predictive analytics significantly enhances operational stability and competitiveness. The paper proposes strategic measures aimed at strengthening institutional capacity, improving internal control mechanisms, and introducing advanced risk assessment tools.

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References

1.World Bank. (2023). Insurance sector risk management and solvency frameworks. Washington, DC.

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3.OECD. (2023). Risk governance in financial institutions. Paris.

4.Swiss Re Institute. (2024). Global insurance risk landscape report. Zurich.

5.Asian Development Bank. (2024). Strengthening financial resilience in Central Asia. Manila.

6.EBRD. (2023). Financial sector stability and risk management reforms. London.

7.Ministry of Economy and Finance of Uzbekistan. (2024). Insurance market statistical review. Tashkent.

8.National Agency for Prospective Projects of Uzbekistan. (2023). Regulation of insurance activities report. Tashkent.

9.Abdullaev, Sh., & Karimov, B. (2022). Risk management practices in Uzbekistan’s insurance market. Economy and Innovative Technologies, 4(2), 66–74.

10.Rakhimov, O. (2023). Improving solvency control mechanisms in insurance companies. Finance and Banking Review, 3(1), 40–48.

11.Deloitte. (2024). Insurance enterprise risk management trends.

12.PwC. (2023). Global risk and compliance outlook for insurers.

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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

INSURANCE RISK MANAGEMENT SYSTEM AND WAYS TO IMPROVE IT. (2026). Journal of Multidisciplinary Sciences and Innovations, 5(03), 715-718. https://doi.org/10.55640/

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