First Insurance Forum Almaty, organized in collaboration with ARDFM, IFIGS, shareholders of IPGF, AFK and AIK, will be held on September 7-8, 2023 at The InterContinental Almaty Hotel.
The purpose of the Insurance Forum is to bring together all participants in the insurance market together with their partners and international experts to exchange experience, search for solutions on topical issues of the insurance market, and determine the prospects for the development of insurance products.
The event, held this year, is timed to coincide with the 20th anniversary of the establishment of the Insurance Payments Guarantee Fund, and we hope that it will become a venue for annual meetings of professional insurers who are sincerely interested in the successful development of the domestic insurance market.
From 1 January 2024 it is planned to introduce in Kazakhstan a simplified settlement of compulsory motor insurance claims - Europrotocol. Today insurance companies face the following tasks related to the adoption of the protocol norms, adaptation to local practice and making the Europrotocol a working tool.
The Europrotocol will legally formalise the established stable practice and bring the legislation to the realities of life, the traffic police will no longer be distracted by minor accidents, and it will direct resources to solving more serious problems. Standardisation of insurance cases where the Europrotocol is used, facilitating faster insurance payments, will raise the popularity of insurance, and the country's insurance business should move to a new qualitative level.
Actuary Educational Programme. One of the key directions of IPGF activity is the organisation and carrying out of training to improve the qualification of specialists in the field of insurance (reinsurance).
According to Kazakhstan legislation, each insurance organisation must have an actuary on its staff. From 2025 one of the members of the executive body of the insurance company must have confirming documents on completion of at least fifty percent of the courses of the minimum mandatory training programme for actuaries. In this regard, insurance market participants are interested in the development of the actuarial profession, because it directly affects the stability and sustainability of the insurance sector. Since June 2023, a tripartite agreement between the Agency of the Republic of Kazakhstan on Regulation and Development of the Financial Market, NAO "Narkhoz University" and JSC "Insurance Payment Guarantee Fund" has come into force, where the Insurance Benefits Guarantee Fund will act as a coordinator on behalf of the Fund's shareholders interested in the training and retraining of actuaries.