Today, November 24, the Prime Minister of the Kyrgyz Republic, Joomart Otorbaev, held a working meeting on mandatory insurance of residential premises.
At the beginning of the meeting, Joomart Otorbaev emphasized the need to introduce mandatory insurance for residential premises against natural disasters.
“Considering the significant burden on the state budget in terms of compensation payments to victims during natural disasters, we need to work on the issue of mandatory insurance for residential buildings. Currently, insurance is conducted on a voluntary basis, and the number of citizens insuring their homes is very small. The issue has become relevant in light of the recent earthquakes in the Issyk-Kul region, where the damage exceeded 100 million soms,” said Joomart Otorbaev.
As reported by Sanjar Mukambetov, the chairman of the State Service for Regulation and Supervision of the Financial Market under the Government of the Kyrgyz Republic, the draft law on mandatory insurance has already been developed and sent for approval to ministries and agencies. He also noted that the agency has been working on the issue of creating a state insurance company.
“The reform is very important, but we must carefully consider the methodology and principles of insurance. According to the draft law, broad public hearings must be conducted. Mandatory insurance of residential buildings should not become a heavy burden for families. However, it will allow for increased funds for capital investments and reduce bureaucratic costs when compensating victims during natural disasters,” concluded the Prime Minister.
