Annual insurance forum discussed current trends and challenges of the insurance market
Almaty hosted the 12th conference of the International Forum of Insurance Guarantee Schemes, IFIGS. The event was arranged within Kazakhstan Insurance Forum 2025 – a leading regional platform for strategic dialogue on development of the insurance industry.
This year, Insurance Payments Guarantee Fund JSC chairs the IFIGS for the first time in the history of the country. Holding the forum in Kazakhstan has become an important step for integration of the country into the global insurance community.
The event was attended by representatives of international organizations, as well as delegates from 27 countries, including international experts, representatives of regulatory authorities, the World Bank and the Asian Development Bank.
During the welcoming speech, Chair of the Agency for Regulation and Financial Development of the Market Madina Abylkassymova highlighted that membership in IFIGS allows to reach a new level of interaction.
"Today, the Kazakhstan’s system of guaranteeing insurance payments is fully consistent with the international practices, it ensures protection of interests of consumers of insurance services for all mandatory classes and accumulative life insurance," said Madina Abylkassymova.
Over the past five years, the insurance market has seen dynamic growth. Assets of the sector have increased threefold, reaching USD 6.6 billion. Coverage of employment and business with insurance services is expanding: number of signed contracts has doubled to 23 million contracts. Volume of insurance premiums has increased threefold and made USD 3 billion, insurance payments have increased 1.5 times, reaching USD 640 million in 2024. These indicators confirm growing confidence in the insurance industry.
During the forum, key issues of the insurance sector development were discussed, including regulatory changes, improvement of insurance products, as well as introduction of digital technologies. One of the main topics was development of a catastrophic insurance model as a tool for protection of the population from the risk of natural disasters.
Kazakhstan Insurance Forum 2025 has become a significant event for both the national and international insurance communities. A forum brought together experts and industry professionals to discuss current issues, exchange best practices and develop solutions intended for sustainable development of the insurance sector and increasing the financial security of citizens.
External Communications Directorate