The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reported on a meeting in Astana on the potential use of parametric reinsurance to cover catastrophe risks in Kazakhstan, involving the financial regulator, the Ministry of Emergency Situations, Swiss Reinsurance Company Limited and the Agroinsurance Association. The discussion framed parametric reinsurance as a structure where payouts are triggered by pre-defined event parameters rather than assessed losses, with examples including earthquake magnitude, precipitation levels, wind speed and flood height. The session also covered the current state of Kazakhstan’s insurance market and international practice and trends in catastrophe risk insurance. Following the meeting, the Ministry of Emergency Situations and Swiss Re signed a memorandum of understanding to cooperate on developing and implementing effective instruments for catastrophe risk insurance.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-10-03
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan hosts discussions on parametric catastrophe reinsurance as Emergency Situations Ministry and Swiss Re sign cooperation memorandum
The Agency for Regulation and Development of the Financial Market of Kazakhstan discussed parametric reinsurance for catastrophe risks with the Ministry of Emergency Situations, Swiss Re, and the Agroinsurance Association. Parametric reinsurance triggers payouts based on pre-defined event parameters. A memorandum of understanding was signed between the Ministry of Emergency Situations and Swiss Re to develop effective catastrophe risk insurance instruments.