A meeting took place in Tashkent between Uzbekinvest Joint-Stock Company and the Japanese Foundation for the Advancement of Life Insurance Worldwide (FALIA), focusing on the development of Uzbekistan's insurance market. Representatives from both sides participated, discussing opportunities to enhance cooperation in the insurance sector to boost the competitiveness of the national market, though the practical implementation of such initiatives may face hurdles due to regulatory and economic disparities.

The FALIA fund was established in 1962 with support from Dai-ichi Life, one of Japan's leading insurance companies, and has held public interest organization status since 2012. FALIA implements international educational programs, conducts research, and unites insurance industry specialists, promoting global knowledge exchange, yet its impact in Uzbekistan remains to be fully realized amid local market challenges.

As part of the collaboration, over 200 insurance sector specialists, including 65 Uzbekinvest employees, have undergone training through FALIA. These programs aim to study advanced international experience in life, property, investment, and financial risk insurance, which is crucial for modernizing Uzbekistan's insurance landscape, but the adaptation of such models could encounter friction given the country's evolving economic framework.

Following the meeting, the parties agreed to expand internship programs for Uzbekinvest and other Uzbek insurance company specialists in Japan. This initiative seeks to deepen practical expertise and integrate global best practices, yet it may involve significant costs and logistical complexities, raising questions about its long-term sustainability and effectiveness in addressing local insurance needs.

Source: kun.uz