Further digitalization of the insurance sector is continuing in Kazakhstan. Since 2019, compulsory vehicle insurance has been carried out in an electronic format, without supporting paperwork. Now it is planned to introduce an even more simplified procedure for transport insurance using a mobile application. The corresponding bill was approved at the plenary session of the Senate. According to the Chairperson of the Agency for Regulation and Development of the Financial Market, Madina Abylkassymova, it will ensure a prompt receipt of insurance payments for road accidents, without the participation of the police or court.
“Important innovation of the draft law is the introduction of a flexible pricing mechanism for compulsory vehicle insurance. The current insurance rates were established by law in 2007 and have not been updated since then. Transition to a flexible billing system will automatically update insurance rates, taking into account the accident rate in the context of the regions of Kazakhstan,” noted Madina Abylkassymova, chairperson of the Kazakh Agency on Regulation and Development of Financial Market.
Over the five months of this year, 5,211 road accidents occurred in the country, leaving 744 people dead and 6,909 injured. At the same time, the largest number of accidents was recorded in the southern region of the country, particularly in the city of Almaty, as well as in Almaty and Zhambyl regions.
Editing by Galiya Khassenkhanova