The impact of the coronavirus pandemic on the insurance market of Uzbekistan and ways to develop funded life insurance

Abstract

This article puts the emphasis on the impact of the coronavirus pandemic on the Uzbek insurance market and ways to elaborate funded life insurance. In addition, analyzed international practice in the development of life insurance in the world is analyzed. Scientists and experts have also conducted research on the impact of the COVID-19 coronavirus pandemic on the insurance market of Uzbekistan. It worthy to note that the insurer is a specific entity operating under the laws of Uzbekistan, and the consumer can be real (with a life insurance policy) and potential (which can be insured under accumulative life insurance). The questionnaires developed by us for research purposes were divided into four groups, and a survey was conducted. In addition, the impact of inflation as an external factor, the rate of investment return arising from the results of the insurer’s investment activities, was assessed. In addition, indicators on the mass of risk were offered for the insurer. Conclusions and recommendations were made on the impact of the coronavirus pandemic on the insurance market of Uzbekistan and ways to develop funded life insurance.