State Support for Perennial Plantings Insurance in Kazakhstan: Analysis of Prospects, Obstacles and Development Strategies

Abstract

The purpose of the article is to consider the expediency of Kazakhstan's transition to voluntary agricultural insurance, assess the relevance and readiness of the market, as well as identify obstacles and challenges faced by agricultural producers and insurance companies.

Methodology: The study is based on the analysis of the current system of voluntary agricultural insurance in Kazakhstan.

Originality / value of the study: This study stands out for its relevance, since it analyzes the prospects of voluntary agricultural insurance in Kazakhstan, which still remains a little-studied topic. Assessment of market readiness and identification of factors influencing the success of this insurance model provide valuable practical recommendations for the development of this area in the country.

Findings: At the moment, the transition to voluntary agricultural insurance in Kazakhstan may face significant challenges, including lack of awareness, financial barriers and restrictions on the availability of insurance products. Yet, it also displayed the possibility of this area’s development given state support plus product adjustment to meet the unique circumstances faced by agricultural producers.