LocationsUzbekistan learned international experience in development of the insurance with the support of UNDP
August 5, 2024
The participants of the event
Uzbekistan participated in a regional workshop on the exchange of experience in the field of building financial stability through the development of insurance and risk financing with the assistance of the United Nations Development Program. Uzbekistan was represented at the workshop by the regulator of the national insurance market, the National Agency of Perspective Projects of Uzbekistan (NAPP).
The global resilience of countries and societies in the face of crises, dangers and accidents remains fragile. Climate change risks have a major impact on the development of countries around the world, especially in regions that are vulnerable to its multifaceted impacts and have less capacity to adapt. Insurance and risk financing play a critical role in enhancing financial resilience and reducing vulnerability to socio-economic, health and natural disaster risks, providing a critical safety net for millions of people and protecting assets, lives and livelihoods.
The workshop aimed to experience share was held in Jakarta, Indonesia during the period July 18–19, 2024 with the participation of government representatives and insurance market regulators from different countries, such as Uzbekistan, Indonesia, Egypt, Pakistan, Vietnam, India, Jordan, Nepal, Bangladesh, Algeria.
The participants and the speaker of the event
“During the workshop, we had the opportunity to study the experience of various countries in the development of the insurance market, as well as strengthen relationships with international partners. It is worth noting that many countries face similar difficulties in developing the insurance market and mutual cooperation in solving these problems will bring the greatest result in achieving progress.”said Bobur Halmirzaev, Deputy Head of the Department of International Relations of the National Agency of Perspective Projects.
The main goal of the workshop was to create an opportunity for participating countries to become familiar with best practices and approaches to the implementation of insurance market development and risk financing processes among participating countries, to identify common obstacles and opportunities in different countries to expand and support joint initiatives and partnerships. In particular, exchange of experience, knowledge and opinions in such areas as:
• The impact of financial sustainability on strengthening and promoting sustainable development programs.
• Use of the legal framework, as well as experience in risk management in the field of insurance and risk financing.
• Key experience of the participating countries, stimulating further development at the regional and global level.
• Increase the cooperation between countries to advance the financial sustainability agenda in different countries.
The participants of the event
In addition to participating in the workshop, the delegation from Uzbekistan visited the office of the Indonesian National Agency for Disaster Countermeasure of and learned about Indonesia's experience in identifying, monitoring and forecasting accident risks. Which can later be adapted in Uzbekistan.
It is important to add that as part of the visit to Indonesia, representatives of NAPP and UNDP met with the regulator of the Indonesian financial services and capital market and had the opportunity to study Indonesia’s experience in the process of regulating the capital market and financial services.
“Participation in the workshop gave us the opportunity to share our experience in the development of the insurance market with the countries participating in the workshop, as well as to study the experience of other countries. It is important to add that each country has made progress in certain areas and has been very willing to share its experience. Thanks to participation in the workshop, we gained a lot of useful knowledge and acquired new partners with whom we plan to effectively cooperate in the further development of the national insurance market.”mentioned Umid Nurmatov, Head of the Insurance Market Regulation Department of the National Agency of Perspective Projects.
All participants of the event
Participation in the regional workshop on experience exchange in Jakarta was supported within the framework of the UNDP global project “Insurance and Risk Finance Facility”, funded by the German government, the main objective of which is to provide support to countries participating in the project in the development of the insurance market of Uzbekistan, including the integration of insurance policy in the country’s economic development program, development of inclusive insurance, financing of sovereign risks, risks from natural disasters, attracting additional investments in the insurance industry, and others.
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