The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market reported that the XIV International Conference “Insurance in Central Asia” was held on September 20–21, 2023.

The event became a platform for exchanging experiences, discussing current issues and challenges for all participants in the insurance market of the CIS countries, as well as determining prospects and directions for the development of the insurance sector.

Maria Khadzhieva, Deputy Chairman of the Agency, delivered a welcoming speech. She outlined the main achievements of the insurance market in Kazakhstan and priority areas of development for the near future. Among the main priorities are further digitalization of the industry, development of imputed types of insurance with a gradual transition of compulsory types of insurance to imputed types, improvement of risk-based supervision and introduction of a behavioral supervision model, creation of an insurance system against catastrophic risks in the country.

During the Conference, panel sessions were arranged on various topics: the state and prospects of insurance markets in the CIS countries, the needs and characteristics of developing actuarial associations, digital technologies and cybersecurity risks, motor insurance, approach and plans for the transition to Solvency II, actuarial approaches within the framework of the implementation of IFRS 17, catastrophic risks.