Shuhrat Abdullaev; Sharof Abdurahmonov , pp. 67. MAM/Sektionen för Management, 2007.
Title: Potentials of Insurance Market Development in Jizzak region
Authors: Shuhrat Abdulaev, Sharof Abdurahmonov
Supervisor: Anders Hederstierna
Department: Business Administration, Blekinge Technology Institute
Course: Master’s thesis in Business Administration, 10 credits
Background and Problem Discussion: The main reasons why we have chosen this topic “Potentials of insurance market development in Jizzak region” for our thesis are the followings:
1) Strong and Competitive insurance market is one of the essential parts of well-developed market economy. How to reach well-developed insurance market is a complex problem that the economy of Uzbekistan is facing now.
2) Having studied previous researches regarding insurance market of Uzbekistan and the role of marketing in development of companies we concluded that there are huge potentials for growing in insurance market which have not learned yet.
Purpose: The purpose of this thesis is to find the answers to following questions:
How is the current situation in the insurance market of Uzbekistan?
What kind of insurance services are there and what is the demand for them?
The determination of main clientele of insurance companies;
The determination of factors that can affect on insurance services
The analysis of proportion of population who do not apply for insurance services and the reasons;
The role of marketing research in companies’ growth;
Method: This research used Quantitative method. Survey technique used to conduct a quantitative study. Primary data collected through questionnaire. Secondary data collected from banks and department of Statistics of the local government. This research can be seen as deductive research since it begins by examining theories related to insurance and consumer behavior to insurance services. Following hypothesis were developed by the assumption that
• Person’s insurance expenditure dependent of their annual income
• Person’s positive opinion about insurance dependent of their gender
• Person’s positive opinion about insurance dependent of their age
• Person’s positive opinion about insurance dependent of their education
• Person’s who is insured dependent of their income
Theory: The theory section contains a review of theories concerning in economic nature and functions of insurance, marketing in insurance, insurance market in Uzbekistan.
Analysis: Statistical program SPSS 14v.(Statistical Package for the Social Sciences) - is used to compute the correlation values and the regression coefficients. The results presented in appropriate table and graph. We divided our analysis into three parts:
1) Using the secondary data, we analyzed accidents that happened during the last two years, obligatory insurance, insurance companies in Jizzak.
2) We analyzed dependence of respondents’ annual insurance expenditure on their annual income using the multiple regression analysis.
3) Based on the primary data and using Chi-square statistical test, we analyzed consumer behavior to insurance service interviewing people individually. Conclusion: Analysis showed that insurance premiums mostly come from obligatory insurance. We discovered that banks are the main clients of insurance agencies at the present and insurance market undeveloped yet, the main reasons are low level of insurance culture, low level of citizens income, lack of understanding by the population and legal entities the need in insurance services; undeveloped economy of country, which doesn’t allow the insurance market to develop as a whole; lack of brokerage companies to work with insurance agencies; lack of skilled specialists and prepared insurance managers.