Kazakhstan plans to change the approach to calculating the cost of mandatory auto insurance: the price of the policy will depend on the individual risk of the driver and the characteristics of the car, reports infohub.kz.
The relevant changes are provided for in the draft "Program for the Development of the Insurance Market until 2030," the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market reported.
Instead of a unified approach, insurers will be able to take into account the individual characteristics of each driver and car. It is expected that the cost of the policy will depend more on the probability of an insured event.
Insurance companies are planned to be allowed to calculate the premium using their own scoring system. To assess risk, they will be able to use data from the Unified Insurance Database and state information systems.
When calculating the cost of the policy, the following may be taken into account:
history of insurance losses; driving style; traffic violations; age and driving experience; car mileage; vehicle usage mode; region of use.
Thus, careful drivers with a small loss history could potentially pay less, while for high-risk motorists the policy may become more expensive.
However, this is still a draft program. Specific timelines for introducing the new mechanism and final rules for calculating the cost of mandatory auto insurance are yet to be determined.
Earlier, the publication "Kursiv Avto" reported on how car owners in Kazakhstan can file a traffic accident without calling the traffic police and receive an insurance payout of up to 2.595 million tenge.