Kazakhstan’s Agency for Regulation and Development of the Financial Market has detailed the 2026-2030 insurance market development program, jointly approved with the National Bank of Kazakhstan on Oct. 30. Its 18 strategic initiatives across six areas would expand coverage, strengthen consumer protection and reform market access and supervision. A central measure is a new compulsory insurance class protecting homes against earthquakes, flooding and forest fires. Following a deferral period, implementation would begin with a pilot in three regions before extending to 16 regions exposed to disaster risks. The program also envisages a unified regulatory regime for eight compulsory insurance classes and 10 other legally mandated insurance types.
Voluntary coverage would expand through additional retirement annuity options and medical insurance supplementing mandatory social health insurance. Distribution reforms would allow agents to work with several insurers and sell compulsory products, alongside stronger training requirements and annual qualification confirmation. Informal intermediaries assisting with claims would be subject to registration, commission disclosure and controls against unfair practices. Electronic contracts and online claims handling would be developed for voluntary insurance, while the unified insurance database would support wider information exchange and fraud prevention. Licensing and admission procedures for foreign insurance and reinsurance branches would be simplified, particularly for financially sound organizations with high credit ratings. Assessment would also consider information exchange between supervisors. These changes would accompany improvements to reinsurance policy, the insurance payments guarantee system and supervision based on risk under Solvency II principles.
Building on the previously outlined plan for a new Insurance Market Law, 12 of the program’s 18 initiatives are intended to be implemented through that legislation. The bill is planned for submission to Kazakhstan’s Kurultai by the end of 2026.