STATISTICS:

KAZAKHSTAN: insurers VICTORY and NURPOLICY started merger

Insurance company VICTORY, which is in terms of assets is the 2nd insurer in the country (KZT 83.7 billion), announced about consolidation with the insurer NURPOLICY (27th place in terms of assets of 32 insurers), a subsidiary of NURBANK.

According to the portal allinsurance.kz this form of reorganization was caused by some problems of NURPOLICY, among them: undercapitalization, no insurance profit growth in 2017, increase of expenses and year-end loss (loss of KZT 204 million vs small profit of KZT 26 million a year before). Portfolio of NURPOLICY according to 2017 result amounts to KZT 3.7 billion, 90% of which is MTPL and this leads to high loss ratio. 78% of VICTORY's portfolio is property insurance, which is much more profitable and has smaller loss ratio. Stagnation of the local insurance market during some years makes insurers revise and correct their development strategies, in particular by consolidation.





Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ON THE MOVE

Lloyd's of London announced new members to the Council

Lloyd's of London announced that Albert BENCHIMOL and Victoria CARTER have been appointed respectively External member and Working member of the Lloyd's Council with effect from 1 February 2019. Michael WATSON, currently on the council, has been re-elected as External member.

15.01.2019

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all