Transformation of the Insurance Market under Global Volatility: Mechanisms for Ensuring the Stability of Mandatory and Voluntary Insurance Segments (OpenAlex (recherche mondiale))

Summary

• In 2022, global real premium growth contracted by −0.8% for general insurance and −3.8% for life insurance before recovering in 2023.p.4
• Global insurance premiums rebounded in 2023, recording 1.3% growth in life insurance and 3.9% in general insurance.p.4
• Emerging markets maintained strong premium expansion, with life insurance growing by 5–8% in 2023–2024 and general insurance growing by 4–5%.p.4
• Total insurance premiums in Uzbekistan expanded significantly from 2,1 trln so‘m in 2019 to 8,1 trln so‘m in 2023.p.5
• Voluntary insurance premiums in Uzbekistan grew from 4,2 trln so‘m in 2022 to 8,8 trln so‘m in 2024.p.5

Key insights

1. Mandatory insurance helps reduce asymmetric information challenges like adverse selection and moral hazard across market participants.p.2
2. InsurTech 3.0 models integrate AI-driven underwriting, parametric insurance, IoT monitoring, and data-driven pricing frameworks.p.3
3. Developed insurance markets experienced a sharp −4.4% decline in life insurance premiums during 2022.p.4
4. The average insurance market tariff rate in Uzbekistan rose from 0,17 % in 2019 to 0,34 % in 2023.p.5
5. Voluntary insurance served as the main driver of insurance market expansion in Uzbekistan between 2022 and 2024.p.5
6. Claims paid under voluntary insurance policies in Uzbekistan increased from 0,8 trln so‘m in 2022 to 1,7 trln so‘m in 2024.p.5