Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) is preparing amendments to insurance legislation, introducing mandatory travel medical insurance covering emergency care and repatriation, as well as mandatory home insurance against earthquakes, floods, and wildfires.
The reform will streamline the insurance system—the country currently has eight mandatory and 10 imputed types of insurance governed by different rules. For mandatory insurance lines, ARDFM proposes introducing risk-based pricing, allowing insurers to set policy rates based on a client’s individual risk within a regulatory tariff corridor.