Kazakhstan: introduction of imputed insurance is planned

The Chairman of the National Bank of Kazakhstan Daniyar AKISHEV explained about introduction of imputed insurance and expansion of the activity of the insurance ombudsman in the country.

Imputed insurance is mandatory for some professions (the equivalent of professional liability insurance, in many respects). In the framework of imputed insurance, specific laws on compulsory types of insurance introduction are not required. Minimum (standard) insurance conditions can be regulated by the legislation and detailed ones by the agreement of parties, taking into account the activity specifics and interests of a client. According to AKISHEV its introduction will let insurers and their clients determine clear risk lists and set correct insurance tariffs. The main advantage here is individual approach to customers.

Also, the Chairman of the National Bank added that "powers of the insurance ombudsman will cover all insurance classes. At the moment the insurance ombudsman's powers cover only insurance of car owners' liability. There will be settled disputes of individuals and small enterprises for dispute amounts of up to KZT 24 million. This limit was set based on international experience".

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

Share |

Related articles

Moves on the Kazakh insurance market under the scrutiny of A.M.Best

A.M. Best will evaluate the impact that the merger transaction between the Kazakh Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) and JSC IC Kazkommerts-Policy, on August 29, 2018, had on Kazakhinstrakh's Credit Rating.



Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.



HOEPKE, Munich Re: I expect at least a stable renewal round in 2019

After severe storm damage in Japan and the United States, Munich Re is looking with a little more optimism to the next renewal season. "I expect at least a stable renewal round in 2019," Board member Doris HOEPKE said in Baden-Baden. Until recently the reinsurer's expectations were leaning towards a stagnant season.



Five new XPRIMM insurance reports on the Baden Baden stands

Five new titles are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.


See all