The United Nations Development Program (UNDP), in partnership with Uzbekistan’s National Agency of Perspective Projects, recently conducted a specialized training aimed at strengthening the country’s insurance industry. Held on October 29-30, 2024, in Tashkent, the training brought together more than 40 participants from regulatory bodies, insurance companies, and key stakeholders to explore the Solvency II Directive—a European Union (EU) framework that sets standards for risk management and financial stability within the insurance sector.
The Solvency II Directive is designed to ensure that insurance and reinsurance firms maintain sufficient capital reserves, promoting long-term protection for policyholders. With a focus on a risk-based approach, Solvency II requires insurers to assess their overall solvency through quantitative and qualitative measures, helping to stabilize the industry while fostering consumer trust. Professor Karel Van Hulle, a prominent expert in EU insurance regulation, led the training, guiding participants through essential topics such as regulatory roles, risk management, and the quantitative and qualitative requirements of Solvency II.
Kamoliddin Abdurakhimov, Director of the Association of Professional Participants of the Insurance Market of Uzbekistan, emphasized the significance of this training, stating, "Capacity building is the cornerstone for the development of the insurance industry in Uzbekistan. Solvency II offers a unique and sustainable way to develop, protect, and regulate the market, making this training invaluable."
Orifjon Fayziev, Head of the Insurance Market Development Department at the National Agency of Perspective Projects, highlighted the broader impact of insurance as a tool for risk protection.
“Uzbekistan aims to further develop its insurance market to align with the Solvency II directive. The insights gained from this training provide a clear path for industry growth and for protecting Uzbekistan’s citizens against emerging risks,” he stated.
Professor Van Hulle added, "Uzbekistan has immense potential to develop its insurance market, which can play a crucial role in sustainable economic growth and in shielding the population from various risks. This training marks the first step in a longer journey toward implementing Solvency II and building a robust insurance market."
Supported by the German government, this training is part of the UNDP’s global “Insurance Risk Finance Facility (IRFF)” project, which seeks to strengthen insurance market infrastructure in participating countries, including Uzbekistan. This initiative aims to integrate insurance policies into national economic plans, encourage inclusive insurance products, finance sovereign and natural disaster risks, and attract investment into the sector.
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