The sphere of mandatory insurance in Kazakhstan may expand to include policies for foreign tourists and protection of citizens' property from natural disasters such as fires and earthquakes. The relevant changes are contained in the draft "Program for the Development of the Insurance Market until 2030," reports the website infohub.kz.
The Agency for Regulation and Development of the Financial Market of Kazakhstan (ARDFM) proposes a transition to a unified model of mandatory insurance. Currently, the country has 8 mandatory and 10 imputed types of insurance, which are regulated differently. In the new model, the basic rules and guarantees of insurance protection will be enshrined in law, while parameters that depend on the economic situation and changes in risks will be set at the level of by-laws and contract terms.
For mandatory types of insurance, risk-based tariff setting is planned. This will allow insurance companies to determine the cost of a policy based on the individual risk level of the client within a tariff corridor set by the regulator. The corridor will be calculated and revised based on an independent actuarial assessment by the Central Actuary.
At the first stage, it is proposed to introduce mandatory insurance of housing against earthquakes, floods (flash floods), and natural forest fires. This will give homeowners a financial support mechanism in case of serious damage or loss of a house or apartment. In the event of an insured event, a citizen will be able to receive an insurance payout and will not be forced to fully cover the costs of restoration from their own funds or rely only on state assistance.
Also being considered is the introduction of mandatory medical insurance for foreign tourists arriving in Kazakhstan. The policy will cover emergency and urgent medical care, medical transportation, and repatriation. The presence of insurance is planned to be confirmed digitally through the interaction of insurance and state information systems, which will simplify the verification of the policy and reduce the amount of paper documents.
The ARDFM emphasizes that new types of mandatory insurance will not be introduced automatically. Before each decision, an actuarial assessment will be conducted: the circle of policyholders and risks, the required amount of coverage, the affordability of insurance premiums, and the existence of already operating protection mechanisms will be determined. This will avoid creating excessive requirements and shifting costs to the consumer.
In addition, the creation of special insurance products for small and medium-sized businesses is envisaged, as well as the expansion of insurance coverage in existing processes - when obtaining loans, participating in public procurement, and business support programs.
The reform should transform mandatory insurance into a clear instrument of financial protection so that it does not remain a formal requirement. For Kazakhstanis, this means the introduction of clearer rules, the opportunity to receive insurance payouts for major risks, and additional protection against natural disasters. For businesses, it means unified and more flexible rules that can be quickly adapted to changing economic conditions and risks.
"The main goal of the reform is to make the system simpler, more transparent, and focused on the real needs of people, while maintaining a guaranteed minimum level of protection," the agency reports.