Xoltoyev, Mirusmon (2026) Insurance Market Development in Central Asia: A Comparative Panel Data Analysis of Uzbekistan and Kazakhstan. Academic Journal of Digital Economics and Stability, 39 (4). ISSN 2697-2212

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Abstract

This study examines insurance market development in Uzbekistan and Kazakhstan over the period 2014–2025, with particular attention to the relationship between macroeconomic conditions and insurance premium growth. It focuses on two major transition economies in Central Asia and assesses how economic growth and inflation are associated with changes in insurance premiums. The analysis is based on annual panel data compiled from the World Bank, Swiss Re Institute, the International Monetary Fund (IMF), and national statistical sources. Panel regression analysis is employed, with HC1 heteroskedasticity-robust standard errors used to ensure more reliable statistical inference. The results indicate a positive and statistically significant association between GDP growth and insurance premium growth. Specifically, a one-percentage-point increase in GDP growth is associated with an average increase of approximately 4.16 percentage points in insurance premium growth. Inflation also shows a positive association with insurance market development, although its statistical significance is weaker than that of GDP growth. The comparative analysis reveals notable structural differences between the insurance markets of Uzbekistan and Kazakhstan. Kazakhstan has a relatively more developed insurance infrastructure and a higher share of life insurance, whereas Uzbekistan has experienced more rapid insurance market growth since 2016, coinciding with broader economic reforms and increased domestic economic activity. This study provides new empirical evidence on the relationship between insurance market development and economic growth in the context of Central Asian economies and offers practical recommendations for insurance market regulators.

Item Type:	Article
Uncontrolled Keywords:	Insurance Market Development, Economic Growth, Inflation, Panel Data Analysis, Uzbekistan, Kazakhstan
Subjects:	H Social Sciences
Depositing User:	admin eprints
Date Deposited:	04 Nov 2026 09:06
Last Modified:	04 Nov 2026 09:06
URI:	http://eprints.umsida.ac.id/id/eprint/17459

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