Kazakhstan proposes mandatory earthquake, flood insurance for homes by 2030
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Kazakhstan's financial regulator has drafted a program to introduce mandatory insurance for homes against earthquakes, floods, and forest fires by 2030. The initiative also includes mandatory medical insurance for foreign tourists. The program aims to make insurance protection more flexible and risk-based.
Key Facts
- The Agency for Regulation and Development of the Financial Market drafted the insurance market development program through 2030.
- The program proposes mandatory insurance for homes against earthquakes, floods, and forest fires.
- Kazakhstan currently has 8 mandatory and 10 compulsory insurance types.
- The program also considers mandatory medical insurance for foreign tourists entering Kazakhstan.
- Insurance tariffs may be set based on the actual risk level of the citizen or organization.
Program Development
The Agency for Regulation and Development of the Financial Market developed the insurance market development program through 2030 on the instruction of the Head of State. The program aims to make the mandatory insurance system clear and flexible for citizens and businesses. The agency proposes transitioning to a unified model of mandatory insurance. Under the new approach, basic insurance principles will be fixed at the legislative level, while parameters will be adjusted through additional regulatory acts.
Proposed Insurance Types
The first stage of the reform proposes mandatory insurance of homes against natural disasters. Citizens whose homes or apartments are damaged by earthquakes, floods, or forest fires could receive insurance payments. The program also considers mandatory medical insurance for foreign tourists, covering emergency medical care, medical transportation, and repatriation costs. The presence of insurance will be verified in digital format.
Tariff Reform
The program will change the system for calculating insurance tariffs. In the future, the policy cost may be set based on the actual risk level of the citizen or organization. Insurance companies will operate within a tariff corridor approved by the regulator. The agency emphasized that new mandatory insurance types will not be introduced automatically; each initiative will be assessed for payment affordability, risk levels, and existing protection mechanisms.
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Kazakhstan proposes mandatory earthquake, flood insurance for homes by 2030
