Recommendations on choosing an insurance company

Kazakhstan's insurance market is constantly changing: legislation is updated, new companies appear, and some insurers merge or leave the market. The Association of Insurance Agents and Brokers has prepared simple recommendations to help you see an objective picture and choose a reliable insurer.

1. Check the licence

Only companies holding a valid licence from the authorised body — the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market — are entitled to carry out insurance activities. Check the company in the Agency's official register and in the association's register of insurance companies, which shows the licence, products and management.

2. Assess financial stability

The regulator and the National Bank publish information on insurers' financial position. Pay attention to how the indicators have changed over several periods:

• solvency margin adequacy ratio — must be greater than one;
• insurance premiums and insurance payouts — how actively the company operates and how it meets its obligations;
• retained earnings (uncovered loss) — be sure to look at the trend and the reasons;
• assets and equity;
• ratings from international and national rating agencies.

3. Study the terms of the contract

Before signing a contract, read the insurance rules carefully: what is covered and what is excluded, the amount of the deductible, the procedure and time limits for the insurance payout, and the documents required when an insured event occurs.

4. Find out what clients think

Client reviews and the company's track record in settling insured events say a lot about it. Reviews of insurance companies, agents and brokers are published in the association's registry after moderation.

5. Work with a professional intermediary

An insurance broker will compare the terms of several insurers and protect the client's interests, while an insurance agent will help arrange the policy and provide support when an insured event occurs. Choose an intermediary from the association's registry: each agent's profile shows the insurance companies that have confirmed cooperation, their rating and reviews.

We hope these recommendations will help you avoid mistakes. For in-depth analysis and placement of complex risks, contact the insurance brokers listed in the association's registry.