Uzbekistan’s Ministry of Economy and Finance and the Insurance and Risk Finance Facility (IRFF) of the UN Development Programme have recently organized a round table to discuss measures to strengthen the actuarial profession in developing and emerging countries to further promote economic stability and growth.
During the event, Pishenbay Umirbekov, UNDP Inclusive Growth Programme Manager, briefly spoke about the work carried out by UNDP projects with Uzbekistan’s government. The joint program of UNDP and Milliman in the actuarial sphere, the UNDP-Milliman Global Actuarial Initiative, was also discussed.
Milliman is one of the largest providers of actuarial services to the global insurance industry.
Currently, only 5 insurance companies in Uzbekistan provide actuarial services, which is insufficient to meet the demand.
The process of closing this gap will take several years and will require the cooperation of all stakeholders.
The roadmap proposed during the round table is expected to be jointly promoted and invested in by the government, insurers, universities, and others. The activity of actuaries should not be limited to the preparation of reports in accordance with the law. Actuaries' activities include developing innovative insurance products, risk forecasting, performance evaluation, and large-scale database analysis to help insurance companies better manage their business.
The event recommended carefully studying all the positive and negative aspects of the roadmap, developing proposals for making appropriate changes to the legislation and working towards creating a thriving insurance industry in Uzbekistan.
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