Insurance Benefit Guarantee Fund celebrates its 20th anniversary
On August 14, 2023, JSC "Insurance Benefit Guarantee Fund" (hereinafter referred to as the Fund, IBGF) celebrates its 20th anniversary.
To date, the IBGF is an important element of the insurance market infrastructure, reliably protecting the clients of insurance organizations and their insurance payments, covering all mandatory and socially significant insurance classes with a guarantee.
The main task that the Fund solves is to provide a full guarantee of insurance payments to all clients in the event of liquidation of the insurance company.
In addition, the Fund also provides insurance protection for persons injured in road accidents, in cases where the culprit has disappeared from the scene of a traffic accident and it is impossible to identify him.
During the first 5 years – until October 1, 2008 - the only shareholder was the National Bank, which became the main initiator of the creation of the IBGF. In the future, a market mechanism for the formation of the Fund's capital was implemented, and now its shareholders are 25 insurance organizations with licenses for the right to carry out activities under guaranteed insurance classes.
As a result, over the 20 years of its existence, the system of guaranteeing insurance payments has proved its effectiveness: the Fund has already paid 1.13 billion tenge to policyholders. As of August 1 this year, significant reserves have been formed for the implementation of guarantee payments in the amount of 12.84 billion tenge.
Today, the main mission of the IBGF is to increase public confidence in insurance and ensure the financial stability of the insurance industry as a whole. To this end, the Fund carries out large-scale work to create a system for early detection and prevention of risks of insolvency of insurance organizations, ensures the safety and effective management of funds of insurance benefit guarantee reserves and participates in improving the financial literacy of policyholders.
The effect of the implementation of these measures in the future will lead to an increase in the competitiveness of the insurance market, its sustainable growth and increased coverage of the population and business with insurance services.
The Agency congratulates the staff of the Fund and its shareholders on the anniversary of the organization, expresses gratitude for fruitful cooperation for the benefit of the development of the domestic insurance market and wishes success and prosperity!
On September 7-8, 2023, the first Insurance Forum dedicated to the 20th anniversary of the Insurance Benefit Guarantee Fund will be held in Almaty.
Agency's External Communications Division
+7 (727) 237 1089, press@finreg.kz