FORMATION AND DEVELOPMENT OF THE INSURANCE MARKET IN THE REPUBLIC OF KAZAKHSTAN

Abstract

The article presents an analysis of the formation of the insurance market of the Republic of Kazakhstan and its financial indicators. The purpose of the study is to provide ways for further development of the country's insurance sector by determining the current state of the insurance market. The importance of the work lies in the fact that today insurance for the economy of any country acts as a financial stabilizer that promotes the development of entrepreneurship, production, and market relations. Currently, insurance has actually become a tool that guarantees financial protection of the interests of the population; in addition, the development of the insurance sector has a positive effect on reducing the financial burden from the state. The study used methods of analysis, comparison, synthesis, and generalization of scientific research results. The main result of the study was that the insurance market in the country is fully formed, the legislative framework regulating insurance activities has been adopted, and, despite the fact that the number of insurance organizations is decreasing from year to year, the assets of existing insurance organizations are increasing. In the future, to increase the competitiveness of domestic insurance organizations, it is necessary to digitalize the insurance market, provide new insurance products, and improve the implementation of services online.