In October the insurance market saw positive growth in terms of total assets and capital: assets increased by 0.2% to KZT 990.4 billion, total capital went up by 0.1% to KZT 462 billion, as allinsurance.kz informed.
Swiss Re is ready to extend its presence in Kazakhstan, according to the agro insurance underwriter of Swiss Re for Eastern Europe, Russia, Ukraine and Kazakhstan, Marcel ANDRIESSE (Senior underwriting Agriculture).
Global insurance broker Willis Towers Watson (WTW) expanded its presence in Kazakhstan - by opening a new entity to serve clients in "this key Central Asian growth market", as the company officials affirmed in a statement.
On November 14 Standard & Poor's announced about improvement of the financial rating of the Kazakh leading insurer EURASIA to BBB-, outlook stable. The insurer has also improved the national rating to kzAAA.
For 3 quarters this year total assets of local insurers increased by KZT 62.8 billion (+6.8% y-o-y) and reached KZT 988.1 billion. However, growth rates slowed down (vs 8.6% a year ago), according to the data of the National Bank of Kazakhstan.
The leader of the Kazakh insurance sector, EURASIA, is planning to create a new life insurer, according to the business information center Kapital.kz.
Kazakh insurers request the revision of the tariffs in mandatory MTPL insurance since they hadn't been revised during 10 years and no longer meet the existing market conditions, wrote allinsurance.kz.
Part of the provisions of the new law "On amendment to some legal acts
of the Republic of Kazakhstan on insurance and insurance activities,
securities market", that was adopted on July 2, 2018, will come into
force on January 1, 2019, including introduction of online insurance.
Based on the result after 3 quarters the insurance sector demonstrated a decrease of GWP by 0.8%. At that operating income, as of the beginning of October, went up by 1% and investment income - by 30%, informed abctv.kz.
For the first 8 months of this year, total market GWP amounted to KZT 263.5 billion/~EUR 0.62 billion (- 1.2% y-o-y). Paid claims exceeded KZT 61.9 billion (~EUR 0.14 billion), with a y-o-y increase of 5.6%, reported allinsurance.kz.
The leader of the Kazakh insurance market, EURASIA, will participate in insurance of the new Istanbul airport, which will become the biggest airport in the world.
For 8 months of this year, investments in the financial and insurance sector amounted to KZT 37.1 billion (-11.5% y-o-y). The largest part, almost 100%, of those investments were provided by owners' equity and retained earnings of the businesses, as Finprom.kz reported.
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%).
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.
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.
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.