Kazakhstan is developing a compulsory home insurance system together with the Asian Development Bank, said Meruert Bayetova, Head of the Insurance Organizations Inspection Department of the Agency for Regulation and Development of the Financial Market of Kazakhstan, during her speech at the Turkic States InsurTech Summit, APA-Economics reports.
According to her, this system will be implemented especially in regions with high natural disaster risks. “Kazakhstan is a country exposed to various natural disasters. This system, developed together with the ADB, will in the future serve to protect the property of the population in these regions and to deepen the insurance market,” M. Bayetova emphasized.
She added that significant steps have also been taken in the field of digital transformation. In Kazakhstan, insurance contracts are concluded online, claims adjustment is carried out electronically, and integration has been achieved with 38 databases of government agencies. “The goal is to increase trust in insurance, strengthen transparency in the market, and provide insurance services to a wider segment of the population,” she added.
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