In manufacturing enterprises, risk management is usually associated with ensuring control and labor protection of workers. Safety and decent working conditions are essential parameters of the assessment of quality of life. This setting reflects such UN Sustainable Development Goals as “Good Health and well-being”, “Decent work and economic growth”. Insurance of the population working in production against injury is hardly considered the main factor of sustainable development, since it leads to a certain degree to a reduction in injuries. Given the continuation of technological progress and the radical change in the risk profile of many professional categories, as well as the requirements for the social responsibility of employers, the institution of insurance against industrial injuries determines the need for its transformation and changing approaches to expanding preventive activities. This study aims to develop a fundamentally new institutional insurance model of the working population against industrial accidents based on the prevailing economic conditions and technological innovations. Improving the system of state regulation solves a number of socio-economic problems, including the main one is the preservation of human life and health. The paper provides an institutional analysis of the accident insurance system in Kazakhstan, elements that do not correspond to the ideology of social insurance were identified. The result is a new, original approach to creating a model of an accident insurance system using positive world experience and existing Kazakh practice to ensure the effectiveness and efficiency of social protection of workers in industrial enterprises. It is proposed to transform the existing model of the occupational accident insurance system.