This was discussed in June by participants at a roundtable in Almaty dedicated to the concept of developing Kazakhstan's insurance market, dknews.kz reports.
It is noted that the program is aimed at increasing sustainability of the insurance sector, expanding the range of services, and further modernizing the industry.
During the roundtable, participants discussed key areas for insurance market development. These included: expanding compulsory insurance options; improving insurance sales channels; developing insurance market infrastructure; digitalization of the industry; enhancing sustainability of insurance organizations; and creating new insurance products. Particular attention was paid to improving accessibility of insurance for the public and businesses.
Agency Chairperson Madina Abylkasymova emphasized that work on the industry development program is being conducted in close collaboration with insurance organizations. She stated that special attention must be paid to the development of a new law, which will serve as the basis for further modernization of the insurance market.
According to the Agency, Kazakhstan's insurance sector continues to strengthen its position in the country's financial system. As of June 1, the industry's performance indicators are as follows: insurance sector assets reached KZT 4.2 trillion (~EUR 7.41 billion); asset growth since the beginning of the year was 8.3%; liabilities increased to KZT 3.1 trillion; liability growth was 11.4%; GWP reached KZT 674.5 billion (~EUR 1.19 billion); and paid claims totaled KZT 197.5 billion (~EUR 0.35 billion). These data demonstrate the continued development of the insurance market and its growing role in the country's economy.
Participants emphasized that preparation of a new development program and a new law could become the largest insurance market reform in recent years.
*EUR 1 = KZT 566.59 (as of June 01, 2026)
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