Introduction of ESG Principles in the Insurance Market of Uzbekistan

¹ MONNS ORGANIZATION LLC, Uzbekistan
² Westminster International University in Tashkent, Tashkent, Uzbekistan
³ "Tashkent Institute of Irrigation and Agricultural Mechanization Engineers" National Research University, Tashkent, Uzbekistan, Tashkent, Uzbekistan
⁴ Tashkent State University of Economics, Tashkent, Uzbekistan
⁵ Universiti Malaya, Kuala Lumpur, Malaysia

^* Corresponding author: hasanumarov@gmail.com

Abstract

The article discusses the implementation of ESG principles in the insurance market of Uzbekistan, which is an important step towards the sustainable development of the country’s economy. In the context of global changes, the insurance sector of Uzbekistan is faced with the need to adapt to international standards of sustainable development, which include environmental, social and governance (ESG) aspects. The authors analyze the current state of the insurance market in Uzbekistan, emphasizing its positive dynamics in recent years, but note that the implementation of ESG principles is at an early stage. Key barriers include a lack of experience and knowledge in the ESG field, limited financial resources of insurance companies and lack of regulatory support. The article proposes strategic steps to deepen the integration of ESG principles into insurance practice, including the development of environmental insurance, increasing the financial literacy of the population and improving management transparency in insurance companies. In conclusion, it is emphasized that the introduction of ESG principles can significantly increase the competitiveness of insurance companies, strengthen their market positions and attract new partners, as well as contribute to the implementation of the national strategy for the transition to a green economy.