NADIROV: Life insurance is the main growth source for the Kazakhstan market

10 July 2012 — Daniela GHETU
NADIROV: Life insurance is the main growth source for the Kazakhstan market
dmitriy_nadirovTraditional life insurance classes represent the fastest growing segment in the Kazakh insurance market, recording in 1Q2012 a 420.6% growth rate, to EUR 12.4 million, mainly as a result of successful bancassurance operations. In the same period, annuity insurance market growth was of 52.7%, to EUR 34.9 million. Data were presented at AIIF 2012 by Dmitriy NADIROV, CEO, GENERALI Life, Kazakhstan.

GENERALI Life is one of the leaders on the Kazakhstan insurance market, specialized in Life Insurance and Personal Accident and representative of Generali Employee Benefits (GEB), a world-leading provider of employee benefit solutions for multinational companies. Following the results of 2011, GENERALI Life ranks first in the traditional life insurance and accident insurance markets, being the sole international life insurance company active on the Kazakhstan market, with premiums collected of about EUR 30 million. In 1Q2012, GENERALI Life recorded a 322.4% y-o-y growth rate.

NADIROV also emphasized the high contribution of the distribution channels to the overall success recorded by the Italian company and by the entire market. GENERALI Life distribution strategy for the following period is to continue cooperation with MLM Networks, but also develop, step-by-step, a strong division of tied agents who will able to act as finance consultants, contributing to a better understanding of the life insurance products. Also, the company will start cooperation with the banks offering insurance products linked to deposits, combined with assistance services. "Understanding and developing true meaning and values of products is the key factor for improving the sales process", said Dmitriy NADIROV.

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