Project background and objectives


In 2016, based on the valuable experience and specialized insurance expertise, the SEECE CRIF Program was expanded to Central Asia, under the name of Southeast Europe and Central Asia Catastrophe Insurance Facility (SEECA CRIF).
Kazakhstan is vulnerable to natural hazards including floods, mudflows, landslides, steppe winds and earthquakes. The SEECA CRIF program aims to provide specialized technical support to the government of Kazakhstan and the local insurance market in addressing the adverse effects of climate change on the national economy through the development of an advanced insurance market infrastructure that will support mass sales of compulsory and non-compulsory catastrophe insurance products by local insurance companies.
Southeast Europe and Central Asia Catastrophe Insurance Facility (SEECA CRIF) – aims to provide comprehensive technical support to the government of Kazakhstan and the local insurance market in addressing the adverse effects of climate change on the national economy through the development of an advanced insurance market infrastructure that will support mass sales of compulsory and non-compulsory catastrophe insurance products by local insurance companies. It is envisaged that by developing the modern market insurance infrastructure that can support the launch of affordable catastrophe insurance products under the national compulsory catastrophe insurance for homeowners and SMEs as well as beyond it, the project will greatly contribute to the country’s climate change adaptation efforts and will help the government to better formulate climate change adaptation and mitigation policies.
The insurance products to be developed and offered under the SEECA CRIF project will cover the risks of flood, steppe wind and catastrophic drought, thus of benefit for the Kazakhstan’s agriculture sector as the current crop insurance scheme needs to be significantly improved to deal with adverse effects of extreme weather events in this economy segment.
SEECA-CRIF Project GEF Grant for Kazakhstan was established in accordance with the Grant Agreement signed on April 20, 2016, whereby Europa Reinsurance Facility Ltd. will act as the implementation agency of the SEECA CRIF World Bank project.
Europa Re, the implementation agency of the program, intends to replicate the existing business model in Kazakhstan and in other central Asian countries.  As a project implementation agency, Europa Re shall provide its insurance and reinsurance expertise in developing modern catastrophe insurance market infrastructure in Kazakhstan that will support the launch of affordable, innovative catastrophe insurance products covering the risks of weather extremes. This includes acquisition of weather risk data, design of catastrophe risk models and high-resolution risk maps, acquisition of an automated web-based IT platform to support efficient insurance sales and claims settlement, public information campaigns, assistance to the national insurance regulators, consumer education on disaster insurance and professional training of insurance agents and insurance loss  adjusters. This milestone is to be achieved from 2016 to 2019.
By assisting Kazakhstan with developing a modern catastrophic insurance market infrastructure, SMEs and farmers exposed to weather-related risks and geological hazards will receive greater access to affordable disaster insurance that will serve as a financial safety net following catastrophic events.
Given the importance of providing reinsurance capacity to local insurance companies involved in sales of catastrophe insurance products developed under the SEECA CRIF program, Europa Re also will stand ready to provide, if required, reinsurance support to the Kazakh insurance companies involved in sales of innovative climate insurance products mainly for agriculture insurance risks.
Through the successful implementation of the project in Kazakhstan, Europa Re intends to achieve the ambassador role for similar models’ implementation in the other neighbor countries such as Kyrgyzstan, Uzbekistan etc.


Procurement


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