Kazakhstan: A New Framework Model for the Insurance Market

Overview
Project Summary Document

TCRS 162051

Status TC Com approved

Location

Kazakhstan

Industry Sector

Legal Reform

Notice Type

State

PSD Disclosed

16 Apr 2026

Project Description

Enquiries

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

TCRS 162051

Status TC Com approved

Location

Kazakhstan

Industry Sector

Legal Reform

Notice Type

State

PSD Disclosed

16 Apr 2026

Project Description

Rationale

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.

Procurement Enquiries

Any competitive selections for business opportunities relating to this project will be published on the EBRD's website: Consultancy Procurement Opportunities.

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2025. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the Information Request form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy 2024 or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism page to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

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Kazakhstan: A New Framework Model for the Insurance Market

Project Description

Enquiries

Business opportunities

General enquiries

Project Description

Procurement Enquiries

General enquiries

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)