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

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.

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