Summary of the First Insurance Forum Almaty 2023
08.09.2023 20:05 UTC+5
On September 7-8, 2023,the Insurance Payment Guarantee Fund(IPGF) hosted one of the most significant events in Kazakhstan’s insurance sector - the First Insurance Forum Almaty, held at the InterContinental Almaty hotel in commemoration of the 20th anniversary of the IPGF. The forum brought together representatives from 11 international insurance guarantee schemes, including Canada, Germany, Spain, Malaysia, Taiwan, Indonesia, Kenya, Singapore, Armenia, Romania, and Estonia, as well as international experts and representatives from the domestic insurance market. The two-day event featured 14 expert presentations, four roundtable discussions, and four panel sessions.
The primary objective of the forum was to unite local and international participants for a meaningful exchange of experience, to discuss current challenges in the industry, and to outline the future trajectory and development priorities of insurance products. The speaker lineup included prominent figures such as Madina Abylkassymova, Chair of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market; Mariya Khadzhieva, Deputy Chair of the Agency; Elena Bakhmutova, Chair of the Board of the Association of Financiers of Kazakhstan (AFK); Paul Petrelli, Chair of the International Forum of Insurance Guarantee Schemes (IFIGS) and President of Assuris, Canada; Raquel Lopez Lopez of the Consorcio de Compensación de Seguros, Spain; Manuela Zweimüller, Head of Implementation at the International Association of Insurance Supervisors (IAIS); Mart Jesse, Head of the Estonian Motor Bureau and Insurance Association; and other international and regional experts.
Paul Petrelli, Chair of IFIGS, of which IPGF became a full member on September 1, 2022, stated in his speech that Guarantee funds must work together and share regulatory experiences to diagnose problems early. Participation in IFIGS enables the development of international cooperation between insurance guarantee schemes and other organizations committed to protecting policyholders.
In her speech, Madina Abylkassymova presented key achievements of Kazakhstan’s insurance market and highlighted the role of recent legal reforms in driving sectoral growth. One of the major developments is the transformation of the IPGF into a financial institution, now authorized to provide guarantees across ten classes of insurance, including all mandatory types. This significant reform is expected to boost public confidence in the industry. A new mechanism has also been introduced to ensure that the Fund initiates compensation payments immediately following the revocation of an insurer’s license by the regulatory authority. The forum also focused on the implementation of the Europrotocol - a simplified claims process for vehicle owners, designed to expedite insurance payouts through mobile applications or insurer websites, bypassing the need for police involvement or legal proceedings. The IPGF is acting as both coordinator and contracting authority for the development of the mobile claims system, with technical implementation handled by First Credit Bureau LLP.
Deputy Chair of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market Mariya Khadzhieva highlighted another strategic initiative led by the IPGF - the development of a professional talent pipeline for the insurance industry. On behalf of its shareholder insurers, the Fund is organizing a financial framework to fund scholarships and grants for the training of actuaries. In June, a trilateral agreement was signed between the Agency, the Fund, and Narxoz University to launch an educational program for actuaries, aimed at strengthening the technical expertise of the sector.
In her address, Elena Bakhmutova emphasized both the strong momentum of the insurance industry and areas where further improvement is needed.
Meanwhile, Nomad Life CEO Yerlan Kambetbayev pointed to the underdevelopment of life insurance in Kazakhstan, and identified several growth drivers, particularly the integration of insurance companies into the evolving pension system.
During the panel discussions, experts raised the issue of further extending the range of mandatory insurance linked to specific activities and outlined a long-term goal of establishing a national catastrophe insurance system. This would allow for greater resilience in the face of natural disasters by compensating financial losses suffered by individuals and businesses. Another key topic was the accelerating pace of digitalization in the insurance sector. Industry leaders agreed that digital transformation is not only inevitable, but essential. International experts shared their experience with online claims settlement systems and digital innovation in personal insurance products.
The First Insurance Forum Almaty was organized by the Insurance Payments Guarantee Fund with the support of the Agency for Regulation and Development of the Financial Market, shareholder insurers, the Association of Financiers of Kazakhstan, and the Association of Insurance Companies of Kazakhstan.


