Conference on the topic: "Prospects for the development of insurance companies – IFRS and digitalization of the insurance market of Uzbekistan"

The Ministry of Finance, together with the Chamber of Auditors of Uzbekistan, on April 20 of the current year, held a conference “Prospects for the development of insurance companies - IFRS and digitalization of the insurance market in Uzbekistan”. The main purpose of the meeting was to discuss topical issues of applying IFRS in insurance companies and digitalization of the insurance market.

The conference was attended by international experts on the application of IFRS in insurance activities, financial directors, accountants and information technology specialists of insurance companies and other interested parties.

During the conference, the participants shared their views on the current state of the process of applying IFRS in insurance organizations and emerging difficulties.

Chairman of the Council of the Chamber of Auditors of Uzbekistan N. Karimov explained the important aspects of the application of IFRS in the activities of insurance companies, as well as the content of new changes in IFRS 17 "Insurance contracts" and the reason for their introduction.

The representative of the international organization JFORCE (Turkey) presented analytical reports on the prospects for the development of the insurance industry and insurance software.

Also, international experts proposed a project for the accelerated transformation of the personnel of insurance organizations, including advanced training in accordance with IFRS.

Based on the results of the conference and the recommendations of international experts, it was proposed to pay special attention to the following issues:

providing qualified employees in accordance with IFRS and improving their qualifications;

establishment of automated accounting based on IFRS in insurance organizations.

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Ministry of Finance