Nurzhan Tursunkhanov delivered a presentation speaking about the concept behind the Program for the development of the capital and insurance markets of the Republic of Kazakhstan through 2030, reports Allinsurance.kz.
The program's main goal is to establish a resilient, competitive, and client-oriented insurance market. Seven objectives have been identified: creating a modern compulsory insurance system; prioritizing the development of voluntary and long-term products; enhancing consumer protection; developing digital, statistical, actuarial, and human resource infrastructure; strengthening the sector's financial stability; transitioning to a risk-based and behavioral supervision model; and bolstering the insurance market's role within the pension system and capital markets.
The program outlines six strategic areas: improving compulsory insurance; developing voluntary insurance; expanding sales channels and enhancing consumer protection; digitizing processes and infrastructure; ensuring financial stability; and developing new insurance business models.
According to the Agency, Kazakhstan's insurance market demonstrated steady growth between 2021 and 2025. GWP increased, with life insurance acting as the key driver. Accelerated growth was specifically noted during the 2023–2025 period, linked to the liberalization of pension savings usage and the development of annuity insurance.
Assets held by insurance organizations grew 2.1-fold between 2021 and 2025, rising from KZT 1.83 trillion to KZT 3.91 trillion. The assets/GDP ratio rose from 2.18% to 2.58%. Life insurance companies were the primary drivers of this growth: their assets increased 2.9-fold, and their share of total market assets grew from 43% to 57%.
Despite this growth, insurance penetration in Kazakhstan remains low. As noted by Nurzhan Tursunkhanov, Kazakhstan lags behind developing economies by a factor of two and behind developed nations by a factor of five. This gap is viewed as an indicator of significant potential for further market growth.
A key focus of the program is reshaping the landscape of compulsory insurance. It proposes consolidating compulsory and mandated insurance types into a unified model of compulsory insurance classes. A specific section addresses compulsory insurance against accidents and compulsory civil liability insurance for vehicle owners. For the first one, the proposal involves transitioning to a risk-based tariff model that accounts for professional risk categories, loss history, occupational health and safety standards, and other factors. Regarding voluntary insurance, the program emphasizes expanding pension products, fostering synergy between voluntary health insurance and compulsory social health insurance, and increasing property insurance coverage.
Digitalization of insurance processes is another central pillar of the program. It proposes a unified digital customer journey, spanning everything from policy purchase to claims settlement. Regarding financial stability, the program outlines plan to liberalize the licensing model, establish a national reinsurance policy, enhance the insurance payments guarantee system, and develop risk-based supervision.
The presented program establishes a broad framework for insurance market reform through 2030. Its implementation will require a comprehensive restructuring of the legislation; the presentation outlines amendments to 12 codes, 34 laws, and approximately 90 regulations. For the market, this signifies a shift from piecemeal changes to a comprehensive restructuring of the insurance ecosystem—encompassing compulsory and voluntary insurance, digital infrastructure, the actuarial framework, sales channels, reinsurance, the guarantee system, and the investment role of insurers, according to the source.
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