Kazakhstan
KAZAKHSTAN: voluntary life insurance coverage in the country is 0.8%
Among 6.4 million Kazakhstanis who insured their lives, only 1.5% did so voluntarily, as Zhanar Zhubaniyazova, chairman of the life insurance company - Halyk Life, said, Kursiv wrote.
30 April 2024KAZAKHSTAN: AM Best confirms the financial strength rating and long-term credit rating of Halyk-Life
On April 12, 2024, the rating agency AM Best confirmed the financial strength rating at B++ (Good) and the Long-term issuer credit rating at bbb (Good) for the life insurance company - Halyk-Life. The outlook is stable, the insurer wrote on its website.
30 April 2024KAZAKHSTAN: from January to February, voluntary personal health insurance increased by a third
During the period from January to February 2024, more than half of the premiums in voluntary personal health insurance fell on just three insurance companies, and the total GWP in the segment increased by one third, reaching KZT 23.1 billion/~EUR 47.25 million (vs KZT 17.3 billion a year ago), Allinsurance.kz wrote.
23 April 2024KAZAKHSTAN: in 2023, net profit of the life insurance sector increased by 44.6%
In 2023, increased demand for life insurance products, both as a result of the risks and through legislative incentives, ensured growth of all key indicators of the life insurance market, according to the review of the Kazakhstan life insurance market for 2023, prepared by the AFK Analytical Center (Association of Financiers of Kazakhstan).
17 April 2024KAZAKHSTAN: property damage because of floods may exceed KZT 6 billion
As a result of recent floods in the west and north of Kazakhstan, property damage to the population may exceed KZT 6 billion (~EUR 12.43 million), Eurasia company said on its website.
9 April 2024KAZAKHSTAN: insurance sector assets grow by 4.4% in January
As of February 1, 2024, the assets of insurance (reinsurance) organizations in Kazakhstan increased by 4.4% to KZT 2.6 trillion (~EUR 5.33 billion) mainly because of increased income from insurance activities. In the structure of assets, the largest share is occupied by securities – 67.8% (KZT 1.8 trillion), reports the Agency for Regulation and Development of Financial Market.
19 March 2024KAZAKHSTAN: the share of voluntary personal life insurance on the market decreases for the second year in a row
GWP on voluntary personal life insurance (except for life insurance within the framework of the state educational savings system) in 2023 increased by 19.8%, reaching KZT 225 billion (~EUR 0.45 billion). At the same time, the segment’s share in total market premiums decreased from 20.9% to 18.9%, Allinsurance.kz reports.
5 March 2024KAZAKHSTAN: Paid claims of Eurasia insurance company for the earthquake in Turkey exceed EUR 15 million
Paid claims of Eurasia, the leader of the local market, for the earthquake in Turkey exceeded EUR 15 million or KZT 7.25 billion. Eurasia participates as a reinsurer in the TCIP risk reinsurance program, the Turkish Catastrophe Insurance Pool for compulsory earthquake insurance, which provides insurance for private households, Allinsurance.kz wrote.
13 February 2024STATISTICS: KAZAKHSTAN, FY2023: Motor Hull saw the most rapid growth in GWP, while GTPL – in paid claims
In 2023, the insurance sector of Kazakhstan grew by 32%, reaching KZT 1,187.88 billion (EUR 2.36 billion). Insurers' paid claims at the same time jumped 43% to KZT 281.22 billion (EUR 559.93 million), data published by the National Bank show.
7 February 2024KAZAKHSTAN: insurance against natural disasters will be introduced
Insurance against natural disasters will be introduced in Kazakhstan. The Agency for Regulation and Development of Financial Market is working on the introduction of catastrophe bonds together with the World Bank, 24kz writes.
29 January 2024KAZAKHSTAN: in January-November the market grew by more than 25% thanks to voluntary property insurance
The insurance market in January-November 2023 amounted to KZT 876.1 billion (~EUR 1.74 billion), which is 25.5% more y-o-y. The main growth driver is voluntary property insurance, Allinsurance.kz wrote.
9 January 2024KAZAKHSTAN: From January 1, 2024, citizens will be able to use the European Accident Statement to receive insurance compensation
On November 5, 2023, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market approved the rules for a simplified procedure of claim settlement – European Accident Statement, Allinsurance.kz reports with reference to the Agency.
5 December 2023KAZAKHSTAN: in 2024 claim settlement for all compulsory types of insurance to go online
Online claim settlement for all compulsory types of insurance and a simplified procedure for receiving insurance payments in MTPL (European Accident Statement) will be introduced in 2024, and will make the insurance process simpler and more transparent, Allinsurance.kz writes with reference to the Agency for Regulation and Development of the Financial Market.
20 November 2023STATISTICS: KAZAKHSTAN, 3Q2023: Motor Hull has the highest growth rates in the market (+134%)
At the end of 3Q2023, the insurance sector in Kazakhstan reached KZT 863.74 billion (EUR 1.71 billion), which is 27% more y-o-y. At the same time, paid claims jumped by almost 40%, amounting to KZT 195.28 billion (EUR 387.84 million), as data published by the National Bank show.
1 November 2023KAZAKHSTAN: voluntary motor insurance increased 2.4 times in January-July
As of July 2023, there were 4.4 million passenger cars in Kazakhstan, which is 11.4% more y-o-y. At the same time, the motor insurance market has also grown noticeably: Motor Hull for January - July 2023 reached a record KZT 63.9 billion (~EUR 0.13 billion), which is 2.4 times more than in the same period last year, Allinsurance.kz wrote.
24 October 2023KAZAKHSTAN: the XIV International Conference "Insurance in Central Asia" was held on September 20–21
The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market reported that the XIV International Conference “Insurance in Central Asia” was held on September 20–21, 2023.
25 September 2023KAZAKHSTAN: On September 20-21, the XIV International Conference "Insurance in Central Asia" to be held in Almaty, Republic of Kazakhstan
On September 20-21, 2023 in Almaty, at the Intercontinental Almaty hotel, the XIV International Conference "Insurance in Central Asia" will be held.
28 August 2023STATISTICS: KAZAKHSTAN, 1H2023: the market grew by 32%, mainly supported by voluntary property insurance
Total GWP for the first half of 2023 amounted to KZT 588.05 billion (EUR 1.18 billion), which means an increase of almost 32% y-o-y, according to data published by the National Bank. The main driver of growth is voluntary property insurance.
23 August 2023KAZAKHSTAN: in 1H the MTPL loss ratio increased to almost 68%
From 2024, the insurance market regulator will adjust regional coefficients when calculating MTPL tariffs depending on regional unprofitability, and thus the tariffs for the most massive type of insurance will reflect actual risks of vehicle owners in a particular region of Kazakhstan, Allinsurance.kz wrote.
22 August 2023KAZAKHSTAN: In 1Q2023, insurance sector's total income grows 20%
Total income of insurance companies in Kazakhstan in the first quarter of 2023 amounted to KZT 241.5 billion (~EUR 0.48 billion), which is 20.1% more y-o-y. At the same time, expenses increased by 16.6%, to KZT 195.3 billion (~EUR 0.39 billion), Allinsurance.kz reports.
21 June 2023
