Kurbonov, Said (2026) Improving The Management of The Insurance Services Market Under Economic Uncertainty: An Integrated Institutional Approach. American Journal of Social and Humanitarian Research, 7 (9). ISSN 2690-9626

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Abstract

The article develops an integrated methodological approach to the management of the insurance services market under conditions of economic uncertainty. The study proceeds from the premise that the insurance market should not be interpreted solely as a mechanism for compensating losses, but as an institution that simultaneously redistributes risk, accumulates financial resources, supports investment, mitigates information asymmetry, and contributes to macroeconomic resilience. The research combines theoretical synthesis, comparative analysis, institutional analysis, and descriptive assessment of official insurance-market indicators in Uzbekistan. On the basis of the works of F. H. Knight, K. J. Arrow, K. Borch, M. Rothschild, J. E. Stiglitz, and J. F. Outreville, five major approaches to the economic nature of insurance are systematized: compensatory, risk-allocation, informational, financial, and institutional. Their limitations are identified and an integrated insurance-market management framework is proposed. The framework links risk assessment, solvency and capital management, reinsurance, investment policy, consumer protection, data quality, and regulatory coordination. The paper argues that sustainable market development should be evaluated not only by premium growth but also by claims performance, capitalization, retention capacity, trust, digital transparency, and the ability of insurers to transform temporary financial reserves into productive investment while maintaining policyholder protection. The proposed approach is particularly relevant for emerging insurance markets seeking to improve market depth, institutional quality, and resilience.

Item Type:	Article
Uncontrolled Keywords:	insurance services market, insurance management, economic uncertainty, risk redistribution, information asymmetry, institutional approach, reinsurance, financial stability, Uzbekistan
Subjects:	H Social Sciences
Depositing User:	admin eprints
Date Deposited:	10 Oct 2026 05:02
Last Modified:	10 Oct 2026 05:02
URI:	http://eprints.umsida.ac.id/id/eprint/17171

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