The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan held a roundtable in Almaty on the insurance market development agenda and outlined work underway, together with the National Bank, industry representatives and international consultants, on an Insurance Market Development Program through 2030 and a new draft law on insurance activity. The discussions focused on expanding compulsory insurance classes, streamlining insurance distribution channels, strengthening market infrastructure and further digitizing the sector. The meeting resulted in a package of reform directions that will now be taken forward for further discussion with market participants. The roundtable was split into general insurance and life insurance sessions. For general insurers, the main issues were a shift to a more flexible market model for compulsory insurance regulation, increasing domestic market capacity and developing voluntary medical insurance. For life insurers, the discussion covered broader investment opportunities and new products in pension annuity insurance. The agency also highlighted continued market growth, with sector assets up 8.3% since the start of the year to KZT 4.2 trln as of June 1, liabilities at KZT 3.1 trln, insurance premiums at KZT 674.5 bln and claims payments at KZT 197.5 bln. Further work will proceed through continued coordination with market participants and relevant state bodies, with key decisions to be embedded in the new draft law on the insurance market. Roundtable participants also prepared proposals and practical recommendations for the sector's further development.

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