Kazakhstan: A New Framework Model for the Insurance Market (EBRD-162051)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Kazakhstan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Government of Kazakhstan
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Law and Government
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 16, 2026

Disclosed by Bank Apr 16, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, over the past decade, Kazakhstan's insurance sector has expanded and modernised, supported by regulatory reforms, wider distribution of insurance services, and steady growth in both compulsory and voluntary insurance. One of the key developments was the reorganisation of the authorised body for the regulation, control and supervision of the financial sector and the establishment in 2020 of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (the "Agency"), which strengthened the supervision and protection of consumer rights. Another important milestone was the approval in 2022 of the Concept for the Development of the Financial Sector until 2030, which identified priority areas for reforms.The insurance market is showing steady growth dynamics in all key indicators. At the same time, the share of the sector's assets to the country's GDP remains at the level of 2.6%, which indicates that the potential of insurance is not fully used for the development of the economy, the low level of penetration of insurance services limits the possibilities of long-term investment and economic growth.At the beginning of 2026, the Head of State instructed the Agency and the National Bank of the Republic of Kazakhstan (the "NBK") to develop a Program for the Development of the Insurance Market until 2030 and to adopt the new Law on Insurance Activities of Kazakhstan. It aims to promote the development of the domestic insurance market by creating more favorable conditions for its further expansion, increasing sustainability, diversifying insurance products and deepening the level of insurance protection for the economy and the population.The assessment phase will contribute to a comprehensive assessment of the insurance market in Kazakhstan and the development of the Insurance Market Development Program (the "Program"), which will be carried out by a Market Consultant and an International Legal Consultant that will be engaged by the Agency. For the implementation of the Program, the EBRD will conduct a project to develop a new Insurance Law, along with the necessary amendments to related legislative acts.

Technical Assistance Services

As a result, the EBRD intends to conduct a project to assist the Agency: (I) analyse and map existing laws and regulation applicable to the insurance industry in Kazakhstan. (II) review the gap analysis and international legal benchmarking prepared by the Market Consultant and the International Legal. (III) collaboration with the Market Consultant and the International Legal Consultant on the discussion of the proposed recommendations. (IV) develop the draft new insurance law, along with the necessary amendments to related legislative acts to implement the findings and agreed recommendations. (V) prepare a final report. The EBRD will be seeking to engage a Kazakh law qualified consulting company or a consortium of Kazakh law qualified consultants to undertake the assignment of the Project.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Information on the investment amount not provided at the time of disclosure.


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