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Kazakhstan considering obligatory real estate insurance

24 may 2011, 23:12
0
Photo courtesy of kp.ru
Photo courtesy of kp.ru
Kazakhstan is considering introducing obligatory real estate insurance. This was announced by Centras Insurance Chairman of the Board Talgat Usenov at the round table discussion on new directions of insurance.

Following the recent flooding in Uralsk and a raft of earthquakes in Almaty, insurance companies have been receiving suggestions on new insurance packages from citizens. Mr. Usenov believes real estate insurance against natural disasters can be voluntary.

According to him, insurance does not play the role it traditionally plays in developed countries. The share of insurance in the nation’s GDP stands at 1%, whereas in Great Britain the figure makes up 10%.

“Car insurance sector has been on the rise. Insurance indemnities totaled $20.5 million in 2009, reaching $27.3 million in 2010”, he said.

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