Key drivers of the insurance sector development are named
A press conference covering key directions of the insurance sector development was held at the Central Communications Service under the President of the Republic of Kazakhstan. Mariya Khadzhiyeva, Deputy Chairperson of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, made a report to mass media.
During her speech, M. Khadzhiyeva pointed that the insurance sector demonstrates steady growth: in 2024, assets of insurance companies soared by 25%, reaching 3.2 trillion KZT. Premiums surged by 51%, and payments by 22%.
Key drivers of the industry development include expansion of the range of voluntary insurance products, improvement of conditions of compulsory insurance, development of digital services, as well as improvement of the insurance market infrastructure.
In particular, since 2024, Keleshek system has been introduced, which provides for accrual of start-up capital from the state under insurance contracts and deposits signed within the State Educational Accumulative System.
In the area of compulsory accident insurance for workers, monthly pre-retirement payments in the amount of 4 subsistence minimums have been introduced for workers employed in hazardous working conditions, as well as payments have been introduced to employers for preventive measures to improve working conditions. Moreover, imputed professional liability insurance for medical workers has been introduced, which ensures protection of both patients and medical workers. Particular attention was paid to development of digital tools. In 2024, the first digital insurance product was launched – Europrotocol, allowing car owners to be issued insurance payments for minor accidents without calling the police. Under the simplified procedure, 2.8 billion KZT have already been paid for 15.2 thousand cases, and the period for receiving compensation has been reduced from several months to 15 calendar days. Moreover, an online service has become available to consumers on the website of the Insurance Payments Guarantee Fund, with which you can compare insurance products and calculate the cost of policies. Since early 2024, a mandatory procedure for pre-trial dispute resolution by insurance ombudsman has been introduced. To encourage citizens to use savings insurance products, it is planned to expand guarantees of the Insurance Payments Guarantee Fund to all types of savings ife insurance. Also, the possibility of creating an actuarial center that will deal with analytics and risk forecasting based on a single insurance database is under study. This facility will improve efficiency and sustainability of the insurance system. All these measures are designed to improve quality of insurance services, increase transparency and sustainability of the market, as well as protect consumer rights.
External Communications Directorate