Life insurance totaled KZT 126.5 billion, while pension annuity insurance amounted to KZT 499.7 billion, reports kapital.kz, citing Gaukhar Buribayeva, Chairperson of the Management Board of Halyk Life (one of the top three insurers).
She noted that life insurance penetration in Kazakhstan's economy is around 1% of GDP, whereas in developed insurance markets, it reaches several percent. For instance, it exceeds 6% in France and is around 9% in Denmark. This demonstrates the Kazakh market's significant potential for further growth, the Halyk Life executive observed.
"As of August 1, 2026, 25 insurance companies operate in the Kazakhstan's insurance sector, 10 of which are involved in life insurance. According to the National Bank, as of January 1, 2026, the assets of life insurance companies had reached approximately KZT 2.2 trillion, marking a 33.7% y-o-y increase. They account for more than half of the total insurance market's assets", Gaukhar Buribayeva emphasized.
According to the latest available data as of July 1, 2026, Halyk Life holds a leading position in terms of assets, insurance reserves, and GWP. Its assets stood at KZT 791.6 billion, insurance reserves at KZT 586 billion, and capital at KZT 205.6 billion. In the first seven months of 2026, Halyk Life collected KZT 203.2 billion in premiums, representing 25.9% of the total life insurance market.
Life insurance remains a niche product in Kazakhstan and is not yet widely viewed as a standard tool for saving and investment. At the same time, life insurance companies have been among the key drivers of the insurance market for several years, the source added.
* EUR 1 = KZT 554.03 (June 30th, 2026)
EUR 1 = KZT 527.72 (July 31st, 2026)
169 views
