STATISTICS:

KAZAKHSTAN: insurers request the revision of the tariffs in mandatory MTPL insurance

Kazakh insurers request the revision of the tariffs in mandatory MTPL insurance since they hadn't been revised during 10 years and no longer meet the existing market conditions, wrote allinsurance.kz.

The last amendment to the law "On mandatory insurance of civil liability of motor vehicle owners" was made in 2008 and was related to abundance of fraudulent schemes in motor insurance. Also the law was added with such factors, affecting the premium amount, as drivers' age and driving experience, life of vehicles and occurrence of insured accidents due to drivers' fault.

According to the Chairman of the board of KOMMESK- Oleg KHANIN, during the last 10 years after that amendment total number of vehicles, cost of spare parts and repair have increased massively, thus making insurers' paid claims grow up on a constant basis. At that, as KHANIN emphasized, it is necessary to revise tariffs from the point of regional optimization and take into consideration rapid insurance market changes and importance of this class, since its stagnation may heavily slow down the development of insurance services. The Chairman of the board of AMANAT Ergali BEGIMBETOV believes that increase of the tariffs should be based on "accident rate" of drivers - the more insurance claims, caused by a driver, the more expensive the tariff.

As KHANIN explained "at the moment a technical assignment is being prepared. The draft will be presented not only by insurers, but also by the National Bank of Kazakhstan, Society of Actuaries, associations of insurers and financial institutions". The market experts estimate that at least 1 year would be necessary to develop this document and 1 year more to discuss the bill in parliament.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ON THE MOVE

AZERBAIJAN: Azer ALIYEV re-heads Azerbaijan Insurers Association

Azer ALIYEV has been appointed the new chairman of the Azerbaijan Insurers Association (ASA). Association's ex-chair Mustafa ABBASBEYLIi has been assigned advisor to Labor & Social Protection Minister Sahil BABAYEV, as analytical and news agency FINEKO and ABC.AZ wrote.

23.01.2019

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all