During a recent government meeting, President Kassym-Jomart Tokayev instructed the preparation of insurance and stock market development programs, according to the business information center Kapital.kz. 

As the head of state noted, this approach will require expanding the types of compulsory insurance, following developed countries. Increasing long-term funding from banks and insurance companies will give new impetus to the development of the stock market.

"The insurance sector accounts for an insignificant share in our financial system – only 5%. This situation cannot be tolerated. We are talking about expanding the insurance products using digital technologies and increasing their accessibility. The insurance market should be viewed as an important institution for fostering a culture of shared responsibility among the state, citizens, and businesses for potential risks", Kassym-Jomart Tokayev emphasized.

"The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market and the National Bank are instructed to prepare development programs for the insurance and stock markets through 2030 by September 1 of this year. For their effective implementation, I believe it is necessary to adopt new laws on insurance and the stock market", the head of state added.