Kazakhstan: Southeast Europe and Central Asia Catastrophe Risk Insurance Facility

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The development objective of the Southeast Europe and Central Asia (SEECA) Catastrophe Risk Insurance Facility (CRIF) Project for Kazakhstan is to assist Kazakhstan with developing a modern catastrophe insurance market infrastructure that will support the launch of affordable, innovative catastrophe insurance products covering the risks of weather extremes. The project component, SEECA CRIF is a catastrophe and weather-risk insurance program to address the problem of undeveloped catastrophe insurance markets in participating countries. Europa Reinsurance Facility Limited (Europa Re), a government-owned catastrophe reinsurance company incorporated under Swiss Law, will act as the implementation agency. In the case of the SEECA CRIF program for Kazakhstan, the project funding of United States (U.S.) 5.0 million dollars will be used for procuring insurance services and systems that will: (i) pave the way for the successful launch of innovative compulsory and optional climate insurance products developed under the program for local insurance companies; and (ii) support the development of a sustainable insurance framework for the agricultural sector through development of innovative insurance solutions and modern technologies.

World Bank Group

Project

Raw Materials, Government, Education