Uzbekistan joins the Community of Practices in the field of agricultural insurance with the support of UNDP
May 2, 2024
Uzbekistan participated in the first meeting of the Community of Practices in the field of agricultural insurance and the first International Conference on Agriculture Insurance & Finance that was held in India with the support of the United Nations Development Program (UNDP) together with the National Agency for Perspective Projects of the Republic of Uzbekistan (NAPP).
The Community of Practices is a peer-to-peer learning platform, under the “Financial Resilience on Agriculture” initiative, which is led by UNDP’s “Insurance and Risk Finance Facility” (IRFF). It supports the development of innovative insurance products and services aimed towards vulnerable people and communities whileinvesting in the long-term transformation of insurance markets.
The main purpose of participation in the meeting of the Community of Practice and the international conference on agricultural insurance and agrifinance is the opportunity to exchange experience between participating countries, as well as study international best practices in the sustainable development of the agricultural insurance market.
The meeting and conference were held in India, during the period April 23-26, 2024, with the participation of government representatives and insurance market regulators from different countries, such as India, China, Ecuador, Jordan, Vietnam, Senegal, Ethiopia, Tanzania, Kenya, Burkina Faso and others.
It is important to add that, within the framework of the international conference, UNDP Uzbekistan and NAPP studied the activities of the UNDP “Financial Resilience on Agriculture” initiative and discussed the possibility of Uzbekistan joining this initiative with global representatives of the UNDP IRFF project.
Moreover, during the visit, representatives of UNDP Uzbekistan and NAPP had the opportunity to hold personal meetings with Mr. Dr. Weijun Long - Professor of the Research Center for Rural Economics of the Ministry of Agriculture and Rural Affairs of China and Ms. Kamna Sharma, Representative of the Ministry of Agriculture and Farmers Welfare of India to study the experiences of China and India in the development of agricultural insurance.
Participation in the meeting by the Community of Practices marked the beginning of effective communication, exchange of experience and mutual support between Uzbekistan and the participating countries in the further joint sustainable development of the agricultural insurance market.
Orifjon Fayziev, Head of the Insurance Market Development Department of the National Agency of Perspective Projects noted that as part of the exchange of experience in the development of the agricultural insurance market and digitalization of the insurance market with different countries, as well as getting acquainted with representatives of the global insurance market, with whom we plan to effectively cooperate in the further development of the national insurance market.
Participation in the meeting of the Community of Practices and the First International Conference on Agricultural Insurance and Agricultural Finance was supported within the framework of the UNDP global project “Insurance Risk Finance Facility (IRFF) in Uzbekistan” financed by the German government, the main objective of which is to provide support to countries participating in the project in the development of the insurance market of Uzbekistan, including: Integration of insurance policy into the country’s economic development program, development of inclusive insurance, financing sovereign risks, risks from natural disasters, attracting additional investments in the insurance industry, etc.