Uzbekistan recently participated in a regional workshop aimed at exchanging experiences on building financial stability through the development of insurance and risk financing. The event was supported by the United Nations Development Program (UNDP). Representing Uzbekistan was the National Agency of Perspective Projects (NAPP), the national insurance market regulator.
The global resilience of countries and societies remains fragile in the face of crises, dangers, and accidents. Climate change risks significantly impact development, especially in regions with less adaptive capacity.
Insurance and risk financing are crucial for enhancing financial resilience and reducing vulnerability to socio-economic, health, and natural disaster risks. They provide a critical safety net for millions, protecting assets, lives, and livelihoods.
Held in Jakarta, Indonesia, from July 18-19, 2024, the workshop included government representatives and insurance market regulators from countries such as Uzbekistan, Indonesia, Egypt, Pakistan, Vietnam, India, Jordan, Nepal, Bangladesh, and Algeria.
“During the workshop, we had the opportunity to study the experience of various countries in developing the insurance market and strengthen relationships with international partners. Many countries face similar difficulties, and mutual cooperation will yield the greatest progress,” said Bobur Halmirzaev, Deputy Head of the Department of International Relations at NAPP.
The workshop’s main goal was to familiarize participating countries with best practices and approaches to insurance market development and risk financing. Key areas of focus included:
- The impact of financial sustainability on promoting sustainable development programs.
- The legal framework and experience in risk management for insurance and risk financing.
- Key experiences of participating countries that stimulate regional and global development.
- Enhancing cooperation between countries to advance financial sustainability.
In addition to attending the workshop, Uzbekistan’s delegation visited the Indonesian National Agency for Disaster Countermeasure to learn about Indonesia’s methods for identifying, monitoring, and forecasting accident risks, which could be adapted in Uzbekistan.
NAPP and UNDP representatives also met with the Indonesian financial services and capital market regulator to study Indonesia’s regulatory experience.
“Participation in the workshop allowed us to share our experience in developing the insurance market and learn from other countries. Each country has made progress in certain areas and is willing to share its experience. We gained valuable knowledge and new partners for future cooperation in developing our national insurance market,” said Umid Nurmatov, Head of the Insurance Market Regulation Department at NAPP.
The workshop was a component of the UNDP’s global initiative, the “Insurance and Risk Finance Facility,” which is funded by the German government. The project supports countries in developing their insurance markets, integrating insurance policies into economic development programs, developing inclusive insurance, financing sovereign and natural disaster risks, and attracting investments to the insurance industry.
