Thirty years in the market and a digital approach to insurance
Basel Insurance Company: experience since 1994 and an online service
Basel Insurance Company JSC is a Kazakhstani general insurer that has travelled from being one of the first private insurance organisations of independent Kazakhstan to a digital insurer where a policy can be bought and an insured event settled without visiting an office. The company works with private clients, entrepreneurs and corporations, offering both compulsory and voluntary types of cover.
History: from the Almaty International Insurance Group to Basel
The starting point is considered to be April 1994, when Almaty International Insurance Group Insurance Company JSC was established. In July 2009, after joining the structure of Kaspi Bank, the company became a subsidiary of the bank and received a correspondingly long name. In October 2012 it was renamed Kaspi Insurance JSC, and in May 2020 it became Basel Insurance Company JSC. The change of signboard did not interrupt its activity: the client base, claims-handling experience and team carried over from one stage to the next.
Today the company emphasises that it has worked in the insurance services market for three decades. According to its official website, Basel has served more than 3,000,000 clients, and total payouts have exceeded KZT 30 billion. According to ARDFM, the insurer's major shareholder is an individual, D. Serikbay.
| Full name | Basel Insurance Company JSC |
|---|---|
| ARDFM licence | No. 2.1.25 of 27.09.2023 |
| BIN | 940440000910 |
| Chair of the Management Board | Chokin Tair Kanatovich |
| Chair of the Board of Directors | Alimukhambetov Nurzhan Yerzhanovich |
| Major shareholders | D. Serikbay |
| Year founded | 1994 (April) |
| Former names | "Almaty International Insurance Group", "Kaspi Insurance" |
| Line | General insurance |
| Rating | S&P Global Ratings: "B+", national scale "kzBBB+", outlook "Positive" |
| Clients and payouts | 3,000,000+ clients, payouts of over KZT 30 billion (according to the company) |
| Head office | Almaty |
Management and structure
The Management Board of Basel is chaired by Tair Kanatovich Chokin and the board of directors by Nurzhan Yerzhanovich Alimukhambetov; the board includes an independent director. The company is managed from its head office in Almaty: no branches appear in the regulator's list, and service to clients across the country is organised through online channels, a contact centre and a partner network.
Financial strength and recognition
The international agency S&P Global Ratings affirmed Basel's long-term issuer credit rating and financial strength rating at "B+", changing the outlook from "Stable" to "Positive". At the same time its national scale rating was raised from "kzBBB" to "kzBBB+". For a client this is an external benchmark: independent analysts assess the company's ability to meet its obligations and see potential for improvement.
Another measure of efficiency is the combined loss ratio, that is, how much the company spends on payouts and expenses for every tenge of premiums collected. In the rating by Forbes Kazakhstan and KPMG in Kazakhstan and Central Asia, Basel ranked among the three best insurers on this indicator.
- participant in the Insurance Payments Guarantee Fund, which provides additional protection for policyholders' interests;
- member of the Association of Insurers of Kazakhstan;
- member of the Eurasian Union of Foreign Economic Activity Participants;
- more than 40 global reinsurance partners, including Lloyd's of London syndicates and major reinsurance companies.
Access to global reinsurance capacity allows the company to accept complex and large risks: part of the liability is ceded to international partners, while the client receives full cover.
Products for private clients and business
MTPL
Compulsory motor third-party liability insurance: compensation for harm to the life, health and property of injured parties within the limits set by law.
MTPL+
A voluntary supplement to the compulsory policy that extends a driver's protection as the party at fault in a road accident beyond the standard terms.
"Autocomfort"
Full CASCO: insurance of the car itself against damage, destruction and loss under the selected programme.
"AUTO 500"
Mini-CASCO: affordable protection for your car in the event of a road accident.
"Tourism"
Medical insurance for people travelling abroad: cover for treatment costs during the trip.
"Cargo"
Cargo insurance for shipments within Kazakhstan and worldwide for exporters, importers and logistics companies.
The company's range also includes accident insurance, home insurance, and compulsory insurance of the professional liability of medical workers, of owners of hazardous facilities, of a carrier's liability to passengers, and environmental insurance. The final scope of cover, limits, deductibles and exclusions are determined by the insurance rules and the contract.
Participation in an insurance pool
Since 2021 Basel has been part of the co-insurance pool run by the Industry Development Fund JSC. Agreement No. 527 of 20 January 2021 was concluded for three years with automatic renewal. The pool members jointly accept risks in insuring property against damage, and road and rail transport. This format makes it possible to spread large industrial risks among several reliable insurers.
Digital services
Basel positions itself as a digital insurance company. The client performs most operations online: calculates the cost and arranges a policy on the website, downloads documents in the personal account, submits an insured-event claim with uploaded documents and receives payment remotely. For CASCO, quick and convenient pre-insurance inspections are provided, and damage is assessed within a short time. The website offers an MTPL depreciation calculator and guides on what to do after a road accident and in the event of an insured event while travelling.
Important: the terms of each product (the list of risks, sum insured, deductible and exclusions) depend on the programme selected and the insurance rules. Before buying, compare several options and read the contract carefully.
How to report an insured event
Record the event
In a road accident, ensure safety, call the emergency services if necessary and document the incident in the established manner. Keep photos and documents.
Notify the company
Contact the Basel contact centre or submit a claim online, attaching scans of the required documents.
Inspection and assessment
The company arranges an inspection of the property and an assessment of the damage; in many cases this happens quickly and without extra visits.
Receive the payment
Once a decision has been made, the payment is transferred remotely to the details you provide.
Regulation and supervision
Basel Insurance Company JSC is licensed and supervised by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM). The company operates in the general insurance line under licence No. 2.1.25 of 27.09.2023. Information on the insurer's executives and major shareholders is published by the regulator in its official list of financial organisations.