Problems and prospects of insurance risks of investment projects in Uzbekistan

An important priority, which is crucial for the growth of the potential and competitiveness of the economy of independent Uzbekistan, is the implementation of an active investment policy for the introduction of strategically significant projects aimed at modernization, technical and technological renewal of the leading basic industries, development of a powerful modern network of transport and infrastructure communications. The reasons that determine the need for investment in the transforming economy of the country are: renewal of the existing material and technical base, increase in production volumes, development of new types of activities. Any of the above-mentioned directions implies the investment of significant funds and a certain time between the decision to implement the activity, the moment of investment of funds and the moment of their return upon achievement of the set goals. Therefore, the risk factor of financial losses, damage and reduction of the overall economic efficiency of entrepreneurial activity under the influence of external and internal factors is of significant importance in investment activity. The occurrence of a direct correlation between the efficiency of investment activity and the level of risks implies the need to use effective risk management mechanisms, one of which is insurance. It should be mentioned that Uzbekistan was one of the first post-Soviet countries to insure risks of investment projects. Effective insurance of investment project risks is possible in the presence of either sufficient capital and experience of insurers and developed infrastructure of the insurance market, providing high-quality pre-insurance expertise of investment project risks, or the state policy of support of such insurance. The system approach to insurance of risks of investment projects, professional activity of domestic insurers allowed to provide optimal protection of insurance interests of private entrepreneurs and small business entities during realization of their projects in different branches of economy of our republic.