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.
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.
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.
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.
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.
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).
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%.
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.
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.
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.
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.
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%.
For the period January-May 2018 premiums of compulsory insurance in Kazakhstan saw annual growth by 16%, according to the service Energyprom.kz.
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+
New law, signed in Kazakhstan, will let customers conclude insurance agreements via internet as well as apply to the insurance ombudsman in cases of disagreement with indemnities of any insurance types, wrote Interfax-Kazakhstan.
A.M. Best has affirmed the Financial Strength Rating (FSR) of B++ (Good)/(stable outlook) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "bbb+" (negative outlook) of Eurasia Insurance Company JSC (Eurasia) (Kazakhstan).
Data for 5 months, published by the Kazakh National Bank, show growth slowdown of the insurance market, wrote the portal allinsurance.kz.
According to the National Bank of Kazakhstan for 5 months this year paid claims under mandatory civil liability of car owners of the 3 leading insurers in this class (EURASIA, NURPOLICY, Kommesk-Omir) exceeded KZT 3.3 billion, wrote the portal allinsurance.kz.