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The issues of improving the insurance market were discussed in the Senate

02.03.2021 63

The Senate Committee on Finance and Budget, chaired by Olga Perepechina, held a round table on the topic: “Prospects for the development of the insurance market. Regulation and directions of life insurance development”.

The prospects for the insurance market development, improving the system of compulsory employee insurance against accidents and activities of life insurance companies discussed at the meeting.

 In the summer of 2018, the Law on insurance and insurance activities, the securities market was adopted, which created mechanisms to protect the rights of consumers of financial services, including insurance services. This has significantly increased public confidence in the insurance system. Moreover, the impetus for the development of the life insurance market was the adoption at the end of last year of the Law on the restoration of economic growth, which provides favorable conditions for expanding the activities of companies providing pension annuities”, said Committee Chairman Olga Perepechina.

During the round table, Deputy Chairman of the Agency for Regulation and Development of the Financial Market, Mariya Khadzhieva, spoke about the measures taken to increase the attractiveness of insurance for the population. These include introduction of tax incentives for universal life insurance, conclusion of insurance contracts online, and a 44% reduction in the cost of a pension annuity. Mariya Khadzhieva noted that the implemented measures will increase the savings initiatives of citizens, ensure coverage of the population with insurance and increase the availability of insurance services.

Yelena Bakhmutova, Chairman of the Council of the Association of Financiers of Kazakhstan, told about the provision of an alternative to the pension provision of citizens by life insurance companies, as well as about the state educational accumulative system. According to her, statistics show that transfers of pension savings to insurance companies have doubled over the past 5 years, from 23 to 46 billion KZT, while maintaining the total volume of pension payments from the UAPF. The number of pension recipients for the same 5 years increased by 8%.

In addition, during the meeting the First Vice Minister of Labor and Social Protection of the Population, Akmadi Sarbasov, informed about the current state of affairs in the field of employee’s insurance. He said that a number of insurance companies make payments to citizens injured at work. The country’s insurance sector is represented by 28 companies, 9 of which engaged in life insurance. They concluded 57.3 thousand contracts in 2020, but this is only 31% of the total employed population. Thus, only one third of employee in the country are insured against industrial accidents.   

Summing up the results of the round table, the Chairman of the Committee, Olga Perepechina, noted that insurance is one of the dynamically developing areas of the financial market, but its further development requires solution of existing issues, which were voiced at the meeting. On the basis of a number of the most important of them, recommendations will be developed for the Government and the Agency for the Regulation and Development of the Financial Market.

The meeting was attended by heads of interested government agencies and life insurance companies.

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