LocationsUNDP Training Series on Insurance Reserves Calculation Based on Solvency II
June 17, 2025
The United Nations Development Programme (UNDP) Uzbekistan, in partnership with the National Agency of Perspective Projects (NAPP), has initiated a specialized training program aimed at strengthening Uzbekistan’s insurance market. The training series, titled “Calculation of Insurance Reserves Based on Solvency II” with the involvement of a national expert.
Solvency II sets out requirements applicable to insurance and reinsurance companies in the European Union (EU) with the aim to ensure the adequate protection of policyholders and beneficiaries.
The primary goal of the training is to equip insurance companies and regulatory bodies in Uzbekistan with the knowledge and skills necessary to calculate insurance reserves under the Solvency II regime. Since the country is gradually implementing Solvency II-based policies, this capacity-building initiative ensures that insurers can meet new regulatory requirements effectively.
Backed by the March 1, 2024, Presidential Decree, Uzbekistan is progressively adopting Solvency II-based insurance reserve policies. In response, this training program aims to provide insurance companies and regulatory bodies with essential knowledge and practical skills for reserve calculation. The sessions will be led by an experienced national expert who played a key role in drafting the insurance reserves policy in 2024.
A total of 40participants, including representatives from insurance companies, the Association of Professional Participants of the Insurance Market, delegates from regulator, have taken part in the training, from May 15 to June 16, 2025 fostering knowledge exchange between industry professionals and regulatory authorities.
Babikova Adelya, Chief accountant of Association of Professional Participants of Insurance Market: "The transition to actuarial methods for calculating insurance reserves is a step that changes the very basis of the functioning of the insurance sector in Uzbekistan.
For me, as the chief accountant of an insurance company and the Association of Professional Participants of the Insurance Market of the Republic of Uzbekistan, participation in specialized training organized by UNDP and the National Agency for Perspective Projects was not just professional development, but part of a broader reform.”
Shoyikromov Shorasul, Deputy Director, "Semurg Insurance": the modernization of reserve calculations is more than just regulatory compliance - it is a commitment to ensuring the sustainability and reliability of our services. Every policyholder relies on us not just for protection today, but for financial security in the future. That is why initiatives like this training are invaluable in reinforcing the credibility, resilience, and innovation of our sector.
Throughout the 10-day training series, participants engaged in in-depth discussions on key aspects of insurance reserve formation, actuarial control cycles, financial reporting, and regulatory compliance under Solvency II standards. The program culminated in a final roundtable discussion and a certification ceremony on June 16, 2025
The training 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.
