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Ministry of Labor: insurance rates may be revised

The Ministry of Labor is considering the possibility of revising tariffs for the sale of insurance policies for employees against accidents during the performance of their labor duties (CAI). This was stated by the Vice Minister of Labor and Social Protection of Population of the Republic of Kazakhstan Akmadi Sarbasov at the forum “HUMAN CAPITAL FORUM-2023/Integration continues.”
Ministry of Labor: insurance rates may be revised

According to the press service of the Ministry of Labor, the country has developed a concept of safe work. “It is particularly proposed to introduce a new model for assessing occupational risks in the workplace, differentiate the insurance tariff according to the degree of occupational risk, create a Digital Map of Enterprises and introduce a proactive format for state control and monitoring of labor protection, and more,” said the first vice minister.

At the end of July 2023, the premium collected in the sector “Insurance of an employee against accidents during the performance of work duties” (CAI) reduced the growth dynamics to 53.4% against an increase of 70.3% in June (all year-on-year). The cash collected by life insurance companies exceeded 51.4 billion tenge. The CAI premium portfolio makes 19.5% of the total LIC portfolio (19.4% at the end of June).

Based on the results of July, LIC Halyk life remains the segment leader with a 13.7 billion tenge portfolio, which is 26.6% of the segment (27.5% in June). LIC Nomad Life is in the second place with a 12.28 billion tenge portfolio, which is 23.9% of the segment (as of June - 23.7%). LIC KM Life remains the third. The company’s portfolio grew to 6.5 billion tenge, and the segment share formed 12.7% (at the end of June - 13.8%). The segment concentration continues to decline due to the monthly increase in premiums among all LICs. The share of the three largest LICs in the segment at the end of July decreased to 63.2% against 64.9% in June.

Photos are from open sources.

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