Kazakhstan
KAZAKHSTAN: for the first five months of 2020, traffic accident rate decreased by more than 26% y-o-y
For the period from January to May 2020, according to the Statistics committee at the Ministry of National Economy of the Republic of Kazakhstan, the total number of registered traffic accidents amounted to 4,178 cases.
23 July 2020KAZAKHSTAN: in January-May 2020 over a quarter of total insurers' income came from investment activity
Income of local insurers from Kazakhstan increased by 20.1% y-o-y and reached KZT 212.1 billion (~EUR 0.46 billion*) between January - May 2020. At the same time, expenses increased by only 5.8% (to KZT 149.4 billion), Allinsurance.kz reports based on the data of ranking.kz portal.
30 June 2020KAZAKHSTAN: January-April life insurance GWP increased by almost 16% y-o-y
From January to April 2020, life GWP amounted to KZT 23.6 billion (~EUR 51.2 million*), which is 15.7% more y-o-y, Allinsurance.kz informed according to ranking.kz. portal.
29 June 2020STATISTICS: KAZAKHSTAN, 1Q2020: life insurance GWP grew by almost 55% y-o-y
In 1Q2020, the Kazakhstani insurance market showed an impressive growth in local currency both in total GWP (+36.1%), and separately in the life sector (+55.0%) and non-life (+31.3%), according to the data, published by the National Bank. The positive trend was seen in EUR currency too, the overall market GWP increasing by 16.2%.
25 June 2020Kazakhstan's Oil Insurance Co. 'B+','kzBBB' ratings affirmed, despite challenging operating environment; outlook stable
S&P Global Ratings today affirmed its 'B+' long-term insurer financial strength and issuer credit ratings on Kazakhstan-based insurer Oil Insurance Co. (NKS). The outlook is stable. At the same time, we affirmed our 'kzBBB' Kazakhstan national scale rating on NSK.
25 June 2020KAZAKHSTAN: life insurers to offer a new product — unit-linked
In June this year, life insurers in Kazakhstan will offer unit linked product to their customers. This insurance product is new to this market, Allinsurance.kz reports.
17 June 2020KAZAKHSTAN: S&P: The insurance market is more resilient to a recession than other industry sectors
According to a recent report of S&P Global Ratings, the agency believes that most insurers should be able to absorb COVID related claims and market volatility.
9 June 2020KAZAKHSTAN: investment activity brought 39% of insurers' total income in 1Q2020
Total income of insurers for the first three months of the year reached KZT 166.81 billion (~EUR 0.34 billion), and net profit tripled y-o-y (KZT 55.34 billion). About 39% of the total income of insurance companies was provided by their investment activities, Allinsurance.kz reports.
4 June 2020KAZAKHSTAN: economic effects of the pandemic will impact premium collection in 2020
In 2019, the insurance market of Kazakhstan saw rapid growth, supported by life segment, mandatory products, and development of electronic policies for mandatory motor insurance. But, despite its impressive development during the past decade, it is yet to reach maturity, one of the latest AM Best's report shows.
28 May 2020KAZAKHSTAN: Standard Life affirmed at 'B', outlook stable
Fitch Ratings affirmed financial strength rating of the Kazakh insurer Standard Life at 'B' and the national rating at 'BBB-(kaz)' with stable outlook, according to the agency's report, published on April 30.
5 May 2020KAZAKHSTAN: total assets of life insurers in February grew by more that 45% y-o-y
In February 2020, life insurers of Kazakhstan generated GWP worth KZT 14.8 billion (~EUR 35.2 million), which is 49.2% more y-o-y, as lifeinsurance.kz reports.
28 April 2020KAZAKHSTAN: both number of registered vehicles and car accidents increased in January-February 2020
The number of vehicles, registered in Kazakhstan during the first two months of 2020, increased by 2.5% y-o-y (to 149,938 units), thus total number of registered passenger vehicles by March 1, 2020, reached 3.8 million units, according to the Kazakhstan's Statistics Committee, Trend reports.
16 April 2020KAZAKHSTAN: Jan.-Feb. voluntary health insurance increased by 36% y-o-y amid a decline in segment's loss ratio
GWP for voluntary health insurance in January-February increased by 36% y-o-y and amounted to KZT 13 billion (~EUR 30.9 million), while its market share (10.4%) remained mostly unchanged compared to previous year, Allinsurance.kz reports.
24 March 2020KAZAKHSTAN: S&P: the insurance market is under pressure of the challenging operating environment, but growth prospects remain positive
The insurance industry in Kazakhstan has sound profitability, supported by underwriting and investment results as well as the established regulatory framework, according to the report of S&P.
11 March 2020Fitch Ratings affirms Russia, Kazakhstan, Georgia, Turkey, Bulgaria and Hungary
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').
3 March 2020KAZAKHSTAN: market share of life insurance in January grew by 4% y-o-y
As the data of the regulator show, in January 2020, total Kazakh market increased by 17% y-o-y, up to KZT 75.4 billion (EUR 0.18 billion).
27 February 2020KAZAKHSTAN: non-life insurers' administrative expenses exceeded 28% of their net premiums in 2019
According to the National Bank of Kazakhstan figures, in 2019 non-life companies' profit decreased by 25.5% to KZT 52.2 billion (~EUR 122.29 million).
26 February 2020KAZAKHSTAN: AM Best revised Halyk-Life outlooks to positive from stable
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of Halyk-Life, Life Insurance Subsidiary Company of the Halyk Bank of Kazakhstan, JSC (Halyk-Life) (Kazakhstan).
25 February 2020KAZAKHSTAN: average ROE in non-life sector exceeded 12% in 2019
Total profit of the insurance market in 2019 decreased by 0.6% y-o-y, despite its GWP growth, and amounted, according to the regulator, to KZT 78.4 billion (EUR 0.18 billion), Allinsurance.kz reports.
10 February 2020STATISTICS: KAZAKHSTAN, FY2019: Life insurers' profit almost doubled, while non-life sector's profit dropped by more than 25% y-o-y
GWP of the Kazakh insurance market increased by about 32% y-o-y in 2019, to KZT 508.5 billion (EUR 1.19 billion), while the net premiums went up even by 43%, as the data, published by the National Bank show.
6 February 2020
