INNOVATIVE PRODUCTS IN THE INSURANCE SECTOR AND THEIR ROLE IN THE MARKET

Innovation in the insurance sector plays a crucial role in improving competitiveness, customer satisfaction, and financial inclusion. The introduction of innovative products, such as usage-based insurance, microinsurance, parametric insurance, and digital platforms, allows insurers to address emerging risks and market demands more effectively. This study examines the development and impact of innovative insurance products in Uzbekistan and internationally. Using a combination of statistical, comparative, and analytical methods, the research evaluates product adoption, market penetration, and customer response. The findings reveal that innovative products enhance market growth, diversify revenue streams, and improve risk management. However, challenges such as regulatory adaptation, technological barriers, and low awareness limit their effectiveness. Recommendations are provided to promote innovation, strengthen regulatory support, and improve accessibility for various customer segments.