Development of the Insurance Market of Uzbekistan: New Stage in Advanced Qualification

The insurance market of Uzbekistan continues its stable growth, increasing by a significant 67-68% annually, despite the challenges posed by the pandemic. However, this impressive growth has revealed serious challenges in staffing and training.

In response to these challenges, the Association of Insurers, chaired by Oybek N. Khalilov (CEO of Mosaic Insurance Group), introduced a new initiative step – the creation of a Training Center for Advanced Training. This project is being implemented in the state with the Tashkent Institute Of Finance with the support of the Ministry of Economy and Finance of the Republic of Uzbekistan and the UN within the framework of the “Insurance and Risk Finance Facility” project.

Proposals made within the framework of the project include regular training for employees of insurance organizations. Highlights of the initiatives include:

1. Senior management training: 40 academic hours.

2. Training for middle managers: 80 academic hours.

3. Training for managers and entry-level employees: 100 academic hours per year.

The signing of a memorandum between the UN, the Tashkent Institute Of Finance and the Association of Professional Participants of the Insurance Market of Uzbekistan became a key stage in the implementation of this project. This strategic partnership will allow us to effectively combine efforts to improve the skills of personnel and ensure the sustainability of the insurance market of Uzbekistan in the future.