The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan published guidance on voluntary property insurance as financial protection against natural disasters, outlining how coverage is agreed in contracts and how policyholders should claim. It also provided claims and payout figures from major floods that affected 10 regions of Kazakhstan in early 2024. The note describes commonly insured risks including earthquakes, floods, storms and blizzards, hail and snowstorms, avalanches, and forest fires, with premiums typically based on the property’s market or replacement value and adjusted for regional features and risk levels. Policies are generally written for one year with renewal options and may include a deductible (franchise). For the 2024 floods, insurers received 166 claims (117 from individuals and 49 from legal entities), paid KZT 709.6 million in total compensation, and had a further KZT 133 million at the processing stage; the highest shares of claims came from Atyrau Region (29%), Aktobe Region (27%), and North Kazakhstan Region (19%).
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-04-03
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan explains voluntary property insurance and reports KZT 709.6 million in 2024 flood payouts
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan issued guidance on voluntary property insurance for natural disasters, detailing contract agreements and claims processes. The guidance includes data from the 2024 floods, where insurers received 166 claims and paid KZT 709.6 million in compensation, with the highest claims from Atyrau, Aktobe, and North Kazakhstan regions.