Kazakhstan
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KAZAKHSTAN: Over the past three years, insurance sector's assets have grown by 74.6%, and GWP by 69.1%
Over the past three years, the assets of insurance companies have grown by 74.6% to KZT 2 trillion (~EUR 4.35 billion).
21 November 2022KAZAKHSTAN: Igor YAKOVENKO elected insurance ombudsman
In Kazakhstan, on November 7, 2022, by the decision of the Commission of the Agency of the Republic of Kazakhstan for Regulation and Development of the financial market, Igor YAKOVENKO was elected to the position of insurance ombudsman, Allinsurance.kz reports with reference to the Agency.
15 November 2022KAZAKHSTAN: insurance sector's assets grew by 10% over 9 months
The assets of insurance (reinsurance) companies in Kazakhstan increased slightly by 0.03% to KZT 2 trillion (~EUR 4.3 billion) by the end of September, or of 10.3% since the beginning of 2022, mainly due to an increase in income from insurance activities, Allinsurance.kz
reports quoting the supervising authority.
10 November 2022STATISTICS: KAZAKHSTAN, 3Q2022: non-life insurance takes over 70% of the market GWP portfolio
The insurance sector of Kazakhstan ended three quarters of 2022 with an increase of 12% y-o-y in local currency. Total GWP volume reached KZT 677.83 billion (EUR 1.46 billion). At the same time, insurers' paid claims increased by almost 54%, to KZT 139.75 billion (EUR 302.37 million), according to the data published by the National Bank.
2 November 2022KAZAKHSTAN: at the beginning of September, the insurance sector's assets rose to KZT 2 trillion
The assets of the insurance sector of Kazakhstan at the end of August 2022 increased by 0.7% to KZT 2 trillion/~EUR 4.23 billion (an increase of 10.3% since the beginning of 2022), mainly due to an increase in income from insurance activities.
20 October 2022KAZAKHSTAN: a phased introduction of compulsory insurance of professional liability of medical workers to be done
Kazakhstan plans to gradually introduce a system of compulsory professional liability insurance for medical workers, Allinsurance.kz wrote with reference to Kapital.kz.
28 September 2022KAZAKHSTAN: at the end of July the market expanded by 7.8% y-o-y
Assets of re/insurance companies increased to KZT 2 trillion(~EUR 4.09 billion) in July 2022, their growth since the beginning of the year amounted to 9.6%, mainly due to the growth of income from insurance activities and revaluation of the financial instruments in foreign currency, Allinsurance.kz reports with reference to the Agency of the Republic of Kazakhstan for Regulation and development of the financial market.
13 September 2022KAZAKHSTAN: As of July 1, the assets of the insurance sector increased by 5% y-o-y
As of July 1, 2022, the assets of the insurance sector of Kazakhstan increased by 5% to KZT 1.97 trillion (EUR 4.05 billion), as the update to the previous news says.
18 August 2022STATISTICS: KAZAKHSTAN, 1H2022: life insurance business' decline continues, premiums dropping by 18% y-o-y
In the first half of 2022, the insurance sector of Kazakhstan grew by 4.03%, to KZT 445.89 billion (EUR 912.31 million). At the same time, insurers' paid claims, in contrast to premiums, jumped by more than 36%, reaching KZT 80.81 billion (EUR 165.35 million), according to data published by the National Bank.
11 August 2022KAZAKHSTAN: Assets of insurance organizations for the first half of the year increased by 7.7% to KZT 2.0 trillion (~EUR 4.12 billion)
The solvency ratio of the insurance sector as of July 1 of this year was 4.6 with a minimum value of 1, although it decreased compared to the beginning of 2022 under the influence of external shocks (as of January 1, 2022 - 6.3).
29 July 2022KAZAKHSTAN: over the past five years, insurance sector's assets have doubled
The assets of insurance companies have doubled over the past 5 years to KZT 1.8 trillion and reached 2.3% of GDP, which is associated with an increase in GWP, according to the Concept for the Development of the Financial Sector of Kazakhstan until 2030.
7 July 2022KAZAKHSTAN: the events of the first quarter led to an increase in insurance claims
In the first quarter of 2022, insurers received losses due to volatility in the foreign exchange market of Kazakhstan, Allinsurance.kz wrote with reference to Azamat KERIMBAYEV, Advisor to the Chairman of the Board of Freedom Insurance.
27 June 2022KAZAKHSTAN: new draftlaw to ensure dynamic growth and development of the insurance market
On June 09, 2021, the Chairman of the Agency of the Republic of Kazakhstan for the regulation and development of the financial market, Madina ABYLKASYMOVA, presented the draft Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Regulation and Development of the Insurance Market, the Securities Market, and Banking", reports Allinsurance.kz.
15 June 2022KAZAKHSTAN: in April 2022, insurance sector's assets decreased by 0.7% to KZT 1.9 trillion
In April 2022, the assets of the insurance sector decreased by 0.7% and as of May 1 amounted to KZT 1.9 trillion (EUR 4.02 billion). The decrease in assets in April was mainly due to a decrease in cash and deposits placed in second-tier banks, according to the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan.
15 June 2022STATISTICS: KAZAKHSTAN, 1Q2022: life insurance shrunk by 17% y-o-y
The first quarter of 2022, the insurance sector of Kazakhstan ended with an increase of 6.57%, reaching KZT 231.91 billion (EUR 454.22 million). Unlike premiums, paid claims increased by more than 34% y-o-y, as the data published by the National Bank show.
8 June 2022KAZAKHSTAN: voluntary property insurance grew by 24% y-o-y in the first quarter
High demand for property insurance against additional risks in the first quarter of 2022 allowed insurers to increase GWP in voluntary property insurance by 24% (or KZT 12.8 billion/EUR 24.71 million), Allinsurance.kz writes with reference to FREEDOM FINANCE INSURANCE.
26 May 2022KAZAKHSTAN: the share of insurance in the country's GDP in 2021 was 3%
At the end of 2021, the share of the insurance sector of Kazakhstan in the country's GDP amounted to 3%, and in the next 5 years, insurance can increase its profitability by 2 times, Allinsurance.kz wrote with reference to finreview.info.
3 May 2022KAZAKHSTAN: S&P: sovereign credit rating of the Republic of Kazakhstan remains at BBB-, outlook stable
On April 1, 2022, S&P announced preservation of the sovereign credit rating of the Republic of Kazakhstan at BBB- with a stable outlook, Allinsurance.kz reports with reference to the National Bank of Kazakhstan.
11 April 2022KAZAKHSTAN: S&P affirms sovereign credit rating of the Republic of Kazakhstan at BBB-, outlook stable
On March 4, 2022, S&P affirmed sovereign credit rating of the Republic of Kazakhstan at BBB- with a stable outlook, Allinsurance.kz portal reports with reference to the National Bank of Kazakhstan.
8 March 2022KAZAKHSTAN: four insurers placed under extreme supervision in 2021
In 2021, in Kazakhstan extreme supervision was established for 4 insurers, intensive supervision for 6, detailed supervision - 6, monitoring - 3, standard supervision - 9.
21 February 2022
