Ensuring the financial stability of insurance companies in the innovative development of the economy

. This article shows you how to ensure the financial stability of insurance companies in the innovative development of the economy. The macroeconomic models used to ensure financial stability were also analyzed and used as structural models developed with microeconomic optimization risks. In addition, general indicators necessary to accurately describe the financial stability of insurance companies have been developed, and these indicators have been used to assess the level of financial stability of the guarantor insurance company. The financial results of the activities of the joint-stock company "Kafolat Insurance Company" were assessed using an econometric model. conclusions and recommendations on ways to ensure the financial stability of insurance companies in the innovative development of the economy.


Introduction
There are many ways to use macroeconomic models to regularly monitor and evaluate financial stability, as well as to evaluate insurance policy. It is important to know what features these models should have. A model that meets all needs and desires will be very sophisticated. In practice, different models meet different needs and help to overcome the different risks that arise in ensuring financial stability.
The macroeconomic models used in financial stability analysis can take a variety of forms, from structural models designed with microeconomic optimization risks to a system of indicators [1].
A key part of financial stability monitoring will be in the form of forecasting and policy analysis. The predictive properties of a model are usually related not only to how well they fit the data, but also to how robust they are. These considerations manifest themselves as an agreement between short-term and long-term assets. Short-term features are important for forecasting. Both the Lucas rule should be considered for forecasting and for policy analysis. A well-developed macro-level model can be used to analyze how monetary policy affects risks to financial stability. Other features of macro-level financial stability models are also presented. Ensuring financial stability at the macro level through these features will help ensure the financial stability of insurance companies as well.

Methods
It is not possible to generalize all available models, so it is necessary to analyze the following model groups to study their main features and evaluate them [2]: • Real business cycle (RBC) models (Infinite horizon, representative agent, calibrated); • Dynamic stochastic general equilibrium (DSGE) models (Infinite horizon, representative agent, calibrated or estimated); • Overlapping generation (OLG) models (Infinite horizon, calibrated); • General equilibrium (FHGE) models (Heterogeneous agents, calibrated. Endogenous default and liquidity constraints); • Dynamically aggregated rated (DAE) models (Large and small scale, reduced form (Cowles commission type of models)); • Structural vector autoregressive (SVAR) models (Estimated model).
Insurance companies also have different models and approaches to ensuring financial stability, and the following are the approaches and models to ensure the financial stability of insurance companies [3] (Table 1). The insurance indemnity currently payable is used to determine the difference between the insurance indemnity and the insurance indemnity registered in the analyzed period.

Level of financial stability in insurance companies
The degree of financial stability in insurance companies is given by the value of the coefficient K.
The total amount of indemnity of the insurance company The probability that the insurance company will positively resolve the situation when the total amount of indemnity exceeds the total amount of net insurance premiums paid is equal to the probability that the total amount of compensation will be less than the total amount of net premiums paid P(D>Pnt) = 2 * 100

7.
Determine the number of years (a) counted before the end of the year a = 8.
Each insurance risk (X) to determine the need for reinsurance To determine the need for reinsurance, it is necessary to calculate the maximum sum insured for each insurance risk (X). To maintain adequate financial stability, an insurance company must make these calculations.
X=2 2 * Here: K is the average coefficient of financial stability for all risks; Pnt is the net insurance premium in the insurance company.

Results and discussion
Because the sustainability of insurance companies is determined by a variety of factors, scholars have used different firm levels, industry levels, and macroeconomic variables to cover important aspects of insurance companies and insurance markets. In particular, the specific variables of the insurance company include the size of the insurer, the share of premiums paid to reinsurance, the growth of claims, the growth of gross premium and the positive premium ratio. Based on the criteria that characterize the efficiency and financial stability of insurance companies, the general indicators can be analyzed using the following table indicators to accurately describe the financial stability of the insurance company ( Table 2) [4].

2.
Independence coefficient ER/A-coefficient of independence Here:ER -private equity and insurance reserves; A -assets.

3.
Indicator of efficiency of use of insurance reserves E/IR-efficiency of use of insurance reserves Here:E -private capital; IR -insurance reserves.

4.
An indicator of changes in the dynamics and quality of insurance operations IR/TEP-changes in the dynamics and quality of insurance operations Here:IR -insurance reserves;TEP -total accumulated insurance premiums.

Profitability indicator
TEP/TL-profitability Here: TEP -total insurance premiums collected; TL -total damages and repair costs paid on claims.
2) Insured persons encourage the insurance company to increase coverage and reduce the cost of insurance services. As the amount of insurance premiums that make up the insurance reserve increases, the coverage rate is usually expanded. If insurance premiums are not increased when the coverage rate is expanded, the company will lose its ability to pay as a result, which may lead to a decrease in the company's capital return; 3) Shareholders try to increase profits by increasing the profitability of insurance operations. The easiest way to increase revenue is to reduce costs as these prices rise. In this case, the reduction in the cost of the insurance company is usually accompanied by a decrease in staff, advertising, maintenance and information costs. The decline in the quality of insurance services will not be accompanied by a corresponding decline in their prices. The possibility of raising prices when quality declines is only available in monopolized markets. In such cases, under pressure from shareholders, the company leaves competitive markets and seeks to isolate itself in monopolized markets [5]. On the example of JSC "Kafolat Insurance Company" selected as the object, we implement the practice of using international models in the development and management of financial stability strategy on the basis of econometric analysis. To do this, you must first form a base table based on indicators consisting of 3 blocks, representing the main financial condition of the company (based on symbols) ( Table 3). А-assesses the level of profitability of block insurance companies; В-assesses whether the block is provided with funds for insurance activities; С-the block assesses the state of the company's receivables and payables.
In the analysis process, these criteria for indicators are distributed in the following order. The first character in each block is the number of the indicator, and the second character is the period of the indicator (the amount of net profit over the years -А1_2016, А1_2017, А1_2018, А1_2019). SPSS general data is determined using special software using the symbols of all indicators, and on the basis of the identified indicators, aggregate table data is formed (Table 4) [6].
The formation of a group of key indicators of financial stability of insurance companies in this order will be, first of all, to ensure the optimal allocation of financial resources, and then to accelerate the period of cash flow by reducing existing debt. Based on the data in the table, the next process of assessing financial stability is carried out. In this case, the method of color separation (ranking) by individual blocks of insurance activity and quarterly indicators is carried out ( Table 5)   Based on the statistical results identified in the next stage of the assessment of financial stability, a correlation table is formed on the basis of Kendall and Spearman coefficients for individual years (Table 6) [8]. From the data in the table, it can be seen that in 2017, both correlation results were negative, while in the remaining years, there was a positive correlation and a positive correlation [9]. The main reasons for the low level of these coefficients in 2015 compared to 2016 and 2018-2019 are the difference between net profit and pre-tax profit of almost 20%, accounts payable are 73% higher than accounts receivable and, as noted above, total assets the share of intangible assets is very low.

Conclusion
Insurance companies have models and approaches that focus on different aspects of ensuring financial stability. An example of this is the model for assessing and securing the financial stability of insurance companies developed by economists [10]. At the international level, the risk reduction process of insurance companies is carried out by waiving certain payment obligations to reinsurers, which is also aimed at ensuring financial stability. If insurance companies have major risks, they will resort to reinsurance to protect their clients, the insured. Through reinsurance, the insurance company will have high financial stability. One of the functions of reinsurance is also performed by the institutions of monitoring and control of the insurance market in each country by setting a minimum level of solvency. To achieve a high level of financial stability, insurance companies must make their choice to raise the net premium rate to a certain level and increase the number of insured properties, taking into account competition in the market. In practice, the portfolio of insurance companies has a number of risks for the insured property of the same category. Ensuring the financial stability of insurance companies in Uzbekistan is one of the most pressing issues today, as the financial stability of insurance companies increases their efficiency, attracts investors and contributes to the development of this industry. Therefore, on the basis of the study of international practice, there is an opportunity to analyze the indicators of financial stability of insurance companies in our country, to identify and eliminate existing problems and shortcomings.