The government will begin considering the implementation of a nationwide system of property insurance in response to the floods that affected northwestern Kazakhstan, QazMonitor reports citing Akorda.
What happened: On April 25, President Kassym-Jomart Tokayev addressed the 33rd Assembly of People of Kazakhstan via video conference. During his speech, the President paid special to the aftermath of the floods in northwestern Kazakhstan and discussed the authorities’ short and medium-term response to the disaster.
Short-term response: Over the next five months, the government will compensate for damages, complete house construction, and allocate city apartments to affected residents, while also rebuilding crucial infrastructure in flood-affected areas.
Local administrations are directed to strictly adhere to relevant regulations when determining locations for new district developments to mitigate flood risks.
Citizens will have the option to relocate to settlements with better economic potential and environmental conditions. Decisions regarding the possible resettlement in high-risk zones will involve input from each affected family. Those preferring to rebuild their homes themselves will receive separate payment mechanisms to ensure targeted use. The process for claiming compensation and restoring property will be conducted online.
Additionally, affected residents will receive a three-month loan deferment without fines or penalties for late payments.
The government will provide support to affected SMEs and farmer enterprises with deferred interest and lease payments. Farmers will also receive necessary assistance for the upcoming sowing campaign.
Medium-term response: Speaking about the government’s medium-term plans, the President emphasized the need to consider implementing a nationwide property insurance system. Such companies could cover a significant portion of the costs for repairing damages to property and infrastructure in the event of a disaster. Implementing this system will require additional development of the national financial system.
