The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan presented its key 2025 supervisory priorities for the insurance sector and discussed development initiatives at a meeting with insurance executives. The briefing also reviewed 2024 market performance and confirmed changes to the annual Supervisory Review and Evaluation System (SRES), including a new quantitative indicator from 2025 that takes into account information on substantiated consumer complaints. The agency reported year-on-year growth across core metrics, with assets up 25% to KZT 3.1 trillion, premiums up 51% to KZT 1.5 trillion and claims up 22% to KZT 334 billion, while the number of contracts rose 36% to 23 million. Growth was driven by voluntary motor insurance (KASKO) and pension annuities, supported by the introduction of deferred and joint pension annuity products. SRES results pointed to significant improvements in insurers’ business processes, risk management and internal control, with further work still needed in some processes; IRIS monitoring showed that 7 of 25 insurers had four or more ratio deviations, down from 12 in 2023, and the agency noted sector-wide capital levels remained adequate and above minimum requirements. Supervisory focus areas for 2025 were set out as corporate governance, consumer protection, reinsurance and AML/CFT. On market development, the agency highlighted digitisation of the full cycle of obtaining compulsory insurance and the rollout of the simplified motor claims procedure (Europrotocol), under which KZT 2.3 billion was paid in 2024 and the payment period was reduced from 90 days to 6 days. The update also referenced the introduction of imputed (assigned) professional liability insurance for medical workers via the Unified Insurance Pool platform from October 2024, and legislative amendments under the Keleshek unified voluntary savings system enabling initial capital contributions of 120 AEK for children from socially vulnerable groups and 60 AEK for others within the state education savings system. The agency indicated it plans in 2025 to introduce imputed insurance for fire liability of owners of crowded public facilities, allow insurers to invest in IT companies to develop digital insurance products, and continue work with the Government of Kazakhstan on an optimal model for mandatory catastrophic-risk property insurance, noting current natural-disaster property insurance coverage of 3.2%; the refined 2025 supervisory priorities are to be published on the agency’s website.

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