Kazakhstan
KAZAKHSTAN: number of paid claims went up by more than 2 times y-o-y in the 7 months of 2018
In Kazakhstan in the first 7 months of this year, the total number of paid claims amounted to 385.7 thousand, which is, according to ranking.kz, 2.1 times more y-o-y. The total number of reported claims decreased y-o-y to 117.5 thousand (-9.3%).
4 October 2018Number of insurance payments in Kazakhstan increases
3 October 2018KAZAKHSTAN: life premiums for January-July increased more than 1.5 times y-o-y
Life GWP for January-July amounted to 11.2% of total market GWP (vs 7.5% a year ago), according to Energyprom.kz. Thus, life premiums increased more than 1.5 times y-o-y.
24 September 2018KAZAKHSTAN: reducing the number of licensed insurers does not impact system stability
From the beginning of the year, selected insurers have forfeited licenses on some insurance activities. SALEM's license for voluntary insurance was cancelled on August 28. Additionally, the license for general insurance of Kompetenz was suspended for 6 months, wrote allinsurance.kz.
13 September 2018Moves on the Kazakh insurance market under the scrutiny of A.M.Best
A.M. Best will evaluate the impact that the merger transaction between the Kazakh Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) and JSC IC Kazkommerts-Policy, on August 29, 2018, had on Kazakhinstrakh's Credit Rating.
11 September 2018KAZAKHSTAN: Kazakhstan 'BBB-/A-3' Ratings affirmed with stable outlook
On September 7 S&P Global Ratings affirmed long-term and short-term foreign and local currency sovereign ratings on Kazakhstan at 'BBB-/A-3' with a stable outlook. The agency also affirmed 'kzAAA' as a national scale rating for Kazakhstan.
11 September 2018KAZAKHSTAN: For the period of January to July insurer profit jumped by 45.8%
Income from insurance activity between January-July increased by 4.3% y-o-y and amounted to KZT 160 billion*. Although positive, the market dynamic recorded so far this year is less impressive than the last years' one (12.8%), the allinsurance.kz portal reads.
30 August 2018KAZAKHSTAN: EURASIA will participate in the construction project of world's highest statue
India is developing a construction project for the highest statue in the world, the total cost of which is over USD 500 million. The leading insurer of Kazakhstan, EURASIA, will participate by insuring the project, announced allinsurance.kz portal.
30 August 2018KAZAKHSTAN: for 7 months 2018 premiums of Motor Hull went up by 22.3%
For 7 months this year Motor Hull premiums of local insurers went up by 22.3% y-o-y, to KZT 11.3 billion*, according to the National Bank of Kazakhstan. Paid claims of the class slightly decreased by 4% to KZT 3.3 billion.
28 August 2018KAZAKHSTAN: voluntary property insurance decreased by 2% y-o-y
Premiums of local insurers in voluntary property insurance went down y-o-y by 2%, at that paid claims of the class jumped almost 3 times higher, according to the data of the analytical service Ranking.kz.
28 August 2018A.M. Best places credit ratings of Halyk-Life under review with developing implications
A.M. Best has placed under review with developing implications 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).
23 August 2018KAZAKHSTAN: premiums of mandatory MTPL insurance increased by 28.9% in the first half year
The mandatory MTPL insurance GWP amounted to KZT 31.6 billion* (+28.9%) in the first half of the year 2018, as reported by Total.kz with reference to ranking.kz. Total paid claims in the segment dropped by 2.4%.
22 August 2018Kazakh insurance company's license suspended
14 August 2018KAZAKHSTAN, 1H: premiums of compulsory insurance of carriers' liability to passengers went up by almost 22%
In Kazakhstan for the first six months incomes of passenger carriers increased by 17.5% compared to the same period last year, premiums of compulsory insurance of carriers' liability to passengers jumped by almost 22%, as informed allinsurance.kz.
13 August 2018KAZAKHSTAN: insurers offset cost increase for some products against weak premium performance
Premiums in the first half year saw weak performance of 3.7%, while the total number of agreements increased only by 2.6%. At that the leading segment in terms of growth rate was compulsory insurance (+19.4% vs 6.2% a year before), wrote allinsurance.kz.
13 August 2018KAZAKHSTAN: The National Bank of Kazakhstan approved the merger of NURPOLICY to VICTORY
Insurance company VICTORY on July 30, 2018 got an approval from the National Bank of Kazakhstan for voluntary reorganization due to the merge of NURPOLICY, as announced on the regulator's website.
13 August 2018KAZAKHSTAN: one of the leading local insurers EURASIA will participate in new project in Dubai
Kazakh insurance company EURASIA will participate in insuring a residential tower construction in Dubai. CEO of the insurer Samat KABDOLOV believes this cooperation to be perspective and interesting, total insurance amount is KZT 130 billion*, informed the press-service of EURASIA.
9 August 2018STATISTICS: KAZAKHSTAN, H1 2018: life insurance increase by almost 10%
Based on the insurance data for the first half year, published by the National Bank of Kazakhstan, the biggest growth rate compared to the same period last year was recorded by life segment (+9.92%), while non-life segment grew by only 2.56%.
9 August 2018KAZAKHSTAN: compulsory insurance showed annual growth by 16% in the first 5 months
For the period January-May 2018 premiums of compulsory insurance in Kazakhstan saw annual growth by 16%, according to the service Energyprom.kz.
17 July 2018KAZAKHSTAN: S&P improved rating of EURASIA
Credit rating service of the international rating agency S&P Global
Ratings on July 11 improved the issuer rating under the national scale
rating of the insurance company EURASIA from kzAA- to kzAA+
16 July 2018
