Abstract: Social insurance is of key importance in supporting citizens facing social risks. Despite growing social contributions and payments by Kazakhstan’s state social insurance system, the full replacement of lost income of the insured person remains relevant. The organization of social insurance is limited only by the employer’s obligation to make social contributions accumulated in the compulsory social insurance fund. The solution is voluntary insurance but the absence of social insurance products in Kazakhstan’s insurance market does not allow this yet. The development and introduction of insurance products for better social protection are of great interest. The study considers the content and rationale of the new insurance product and demonstrates the mechanism of gradual involvement of economically active citizens and expansion of the sales market for new products. The analysis of the main social risks of compulsory social insurance shows their unconditional importance. The new product allows selecting a set of insured risks for each individual. The authors conclude that using a multi-component social insurance product will ensure effective interaction between the compulsory social insurance system and Kazakhstan’s insurance market in providing citizens with full social protection. The study results can be used to develop the national insurance market and especially its socially oriented segment, encourage insurance agents, and form the infrastructure of the insurance market in insurance engineering and the activities of other professional participants.

Keywords: social insurance, social risk, social contributions, social payments, state social insurance system, insured person, insurance market, multi-component insurance product, social protection

Pages: 102-113

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