The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has outlined proposed compulsory insurance reforms in the draft Insurance Market Development Program through 2030. The reforms would replace differing approaches to the country’s eight compulsory and 10 imputed insurance classes with a unified model. Core protections and guarantees would be set in law, while parameters that depend on economic conditions and changing risks would be governed through secondary rules and contract terms. Insurers would price compulsory policies within regulatory tariff corridors, reflecting each customer’s individual risk. The corridors would be calculated using independent assessments by the Central Actuary and reviewed regularly. The draft also proposes compulsory home insurance against earthquakes, floods and natural wildfires, and considers compulsory medical insurance for foreign tourists covering emergency care, medical transportation and repatriation. New compulsory insurance classes would not be introduced automatically. Each proposal would first undergo an actuarial assessment covering the insured population and risks, required coverage, affordability of premiums and existing protection mechanisms.
2026-08-24Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan proposes unified compulsory insurance model, risk-based tariffs and new coverage
Kazakhstan’s financial market regulator has proposed a unified compulsory insurance model with risk-based pricing within regulatory tariff corridors. The draft reforms also envisage compulsory home cover for specified natural disasters and possible medical insurance for foreign tourists. Each new insurance class would require a prior actuarial assessment.