Thirty years on the market and a digital approach to insurance
Basel Insurance Company: experience since 1994 and online service
Basel Insurance Company JSC is a Kazakhstani general insurance company that has come a long way from one of the first private insurance organisations of independent Kazakhstan to a digital insurer where you can buy a policy and settle an insured event without visiting an office. The company works with private clients, entrepreneurs and corporations, offering both compulsory and voluntary types of protection.
History: from 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 Kaspi Bank structure, 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 changes of name did not interrupt its operations: the client base, claims settlement experience and team carried over from one stage to the next.
Today the company emphasises that it has been working in the insurance market for three decades. According to its official website, Basel has served more than 3,000,000 clients, and total payments have exceeded 30 billion tenge. All 100% of the shares belong to a single shareholder, an individual.
| Full name | Basel Insurance Company JSC |
|---|---|
| Year founded | 1994 (April) |
| Former names | "Almaty International Insurance Group", "Kaspi Insurance" |
| Sector | General insurance |
| Licence | No. 2.1.25 dated 27.09.2023 |
| Rating | S&P Global Ratings: "B+", national scale "kzBBB+", outlook "Positive" |
| Clients and payments | 3,000,000+ clients, payments of over 30 billion tenge (according to the company) |
| Head office | Almaty |
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+", revising the outlook from "Stable" to "Positive". At the same time, the national scale rating was raised from "kzBBB" to "kzBBB+". For the client, this is an external benchmark: independent analysts assess the company's ability to meet its obligations and see potential for improvement.
Another performance indicator is the combined ratio, i.e. how much the company spends on claims and expenses for every tenge of premiums collected. In the ranking by Forbes Kazakhstan and KPMG in Kazakhstan and Central Asia, Basel was among the top three insurers by this indicator.
- participant of the Insurance Payments Guarantee Fund — 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 underwrite complex and large risks: part of the liability is transferred to international partners, while the client receives full coverage.
Products for private clients and businesses
OSGPO VTS
Compulsory motor third-party liability insurance — compensation for harm to the life, health and property of victims within the limits established by law.
OGPO+
A voluntary add-on to the compulsory policy that extends the protection of a driver 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 chosen programme.
"AUTO 500"
Mini-CASCO — affordable protection of the car in the event of a road traffic accident.
"Tourism"
Medical insurance for travel abroad: coverage of treatment costs during the trip.
"Cargo"
Insurance of goods in transit within Kazakhstan and worldwide for exporters, importers and logistics companies.
In addition, the company's product line includes accident insurance, home insurance, compulsory professional liability insurance for medical workers, liability insurance for owners of hazardous facilities, carrier's liability to passengers and environmental insurance. The final scope of coverage, 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 a co-insurance pool managed by Industrial Development Fund JSC. Contract No. 527 dated 20 January 2021 was concluded for three years with automatic renewal. Pool participants jointly accept risks for insurance of property against damage, and of motor 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 takes out a policy on the website, downloads documents in the personal account, submits an insured event claim with document upload and receives payment remotely. For CASCO, quick and convenient pre-insurance inspections are provided, and damage assessment is carried out within a short time. The website offers a depreciation calculator for compulsory motor third-party liability insurance (OGPO VTS) and guidance 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 chosen programme and the insurance rules. Before buying, compare several options and read the contract carefully.
How to report an insured event
Record the event
In the event of a road accident, ensure safety, call the emergency services if necessary and register the incident in the prescribed 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 unnecessary visits.
Receive payment
Once a decision has been made, the payment is transferred remotely to the bank details provided.
A Basel policy — through Dynasty
Dynasty helps you choose and take out a policy from Basel Insurance Company JSC. Calculate the cost in the calculator, compare Basel's terms with offers from other insurers and choose the best option. A Dynasty manager will answer questions about coverage, help with documents and advise on what to do when an insured event occurs.