S&P Global Ratings has revised the outlook on Kazakhstan's sovereign credit rating from stable to positive, while maintaining it at BBB-. For the insurance and reinsurance industry of Kazakhstan, a stable rating makes it easier to attract capital and reduces the cost of borrowing for financial institutions, which means investment attractiveness, Allinsurance.kz writes.

In addition, a high level of international reserves (more than USD 60 billion in 2025) reduces currency risks for companies working with foreign reinsurers. Reduction in “hidden” government expenses (through quasi-state companies) mitigates systemic risks for the economy and the insurance sector. A sufficient level of capital and liquidity in the banking sector has a positive effect on the overall stability of the financial system, reducing the likelihood of “flowing” risks into insurance.

S&P's decision to improve Kazakhstan's rating outlook reflects strong fundamental changes in the country's economic policy. In the coming years, the key challenge will be the balance between increasing oil production, meeting OPEC+ commitments, and developing non-oil sectors of the economy. For the insurance industry, this opens prospects for more sustainable growth, expanding investment opportunities, and reducing macroeconomic risks, the source added.