INSURANCE RISK MANAGEMENT SYSTEM AND WAYS TO IMPROVE IT

Risk management is a fundamental component of sustainable development and financial stability in the insurance industry. Insurance companies operate under various uncertainties, including underwriting risks, market risks, operational risks, and catastrophic events. Effective risk management systems enable insurers to minimize losses, maintain solvency, and improve service reliability. This study examines the theoretical and practical aspects of risk management systems in insurance companies and evaluates modern approaches to improving their effectiveness. The research analyzes international practices, regulatory standards, and the current state of risk management in Uzbekistan’s insurance market. The findings show that the implementation of integrated risk management frameworks, digital technologies, and predictive analytics significantly enhances operational stability and competitiveness. The paper proposes strategic measures aimed at strengthening institutional capacity, improving internal control mechanisms, and introducing advanced risk assessment tools.