A year after the release of the review of the rating agency S&P Global Ratings, the first earthquake risk model Tremblor with a high degree of detail on the zoning of the territory was presented on the Kazakhstani insurance market.

Life insurers' GWP in Kazakhstan in 2020 amounted to KZT 228.9 billion (~EUR 0.44 billion*), which is 16% more y-o-y. This figure is a record for the life insurance sector, Allinsurance.kz reports with reference to Ranking.kz.

By the end of April 2021, the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan will introduce a set of amendments to the Mazhilis (State authority, a part of the Parliament) on regulation and development of the insurance market, writes Allinsurance.kz with reference to Kursiv.kz.

The pandemic had a positive impact on the results of the Kazakhstani motor insurance market - Motor Hull increased by 7% to KZT 28 billion (~EUR 54.18 million*), and MTPL - by 6% to KZT 81.1 billion (~EUR 156.93 million*), said Marina SHIPOVALOVA, General Director, INTERCONSULT Info, insurance consultant, for Allinsurance.kz.

The 2020 "pandemic" year for some insurers in Kazakhstan turned out to be better than 2019. Only 7 insurers ended 2020 with losses from insurance activities, among them there were 4 non-life insurance companies (vs 9 non-life insurers in 2019).

"S&P Global Ratings continues to positively assess growth prospects in the life insurance sector in 2021, which is supported by a number of regulatory initiatives and GWP increase from a low base in the past few years", says Ekaterina TOLSTOVA, Deputy Director of the Financial Institutions Group, S&P Global Ratings.

In 2021 Kazakhstan is planning to allocate KZT 3.3 billion (~EUR 6.5 million*) to subsidize agroinsurance. The Kazakh plant growers can insure their farms on the soil moisture index, and that half of the cost of insurance is paid by the state, Kazinform news agency reports with reference to the press service of the Ministry of Agriculture.

Total assets of the Kazakh insurance sector in 2020 grew by 23% y-o-y to KZT 1.5 trillion (~EUR 2.9 billion*), writes Allinsurance.kz with reference to the data published on the website of the National Bank of the country.

AM Best has affirmed 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).

As the 2020 market results, published by the National Bank, show, total GWP last year amounted to KZT 568.1 billion (EUR 1.1 billion), which is almost 12% more y-o-y in local currency.

In 2020, according to the data collected from insurance companies, income of the insurance sector in Kazakhstan increased by 18.5% y-o-y to KZT 589 billion (~EUR 1.14 billion*). At the same time, investment income increased by 40% to KZT 128 billion, and income from insurance - by 12.8% to KZT 458.1 billion, writes Allinsurance.kz.

From January to November 2020, GWP of the Kazakh insurance market increased by 11% y-o-y, Allinsurance.kz reports.

In 2021, development of the insurance market in Kazakhstan will follow the benchmarks formed by the pandemic - among them active development of online insurance, infrastructure, and digital marketing. "This will help to make competition between companies more transparent and fairer", said Anna NEKRYUKOVA, Deputy Chairman of the Board of Amanat for Kapital.kz.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of Halyk Insurance Company of Halyk Bank of Kazakhstan, JSC (Halyk Insurance) (Kazakhstan). The outlook of these Credit Ratings (ratings) is negative.

S&P Global Ratings assigned on December 21 its 'B' long-term insurer financial strength and issuer credit ratings and 'kzBB+' national scale rating to Kazakhstan-based Basel Insurance company. The outlook is stable, the agency's press-release said.

The Agency for Financial Supervision of Kazakhstan issued a consent to businessman Daniyar ZHANBEKOV to acquire the status of a major participant in the Basel insurance company (ex. Kaspi Insurance). The sale should end no later than March 31, 2021, Allinsurance.kz reports according to Zakon.kz.

After a decline in 2Q2020, the insurance market of Kazakhstan is demonstrating resilience to the effects of the pandemic crisis with GWP largely recovering in 3Q2020, as Fitch Ratings noted in the report, published on November 12.

During the first three quarters of 2020, the GWP volume in Kazakhstan insurance market increased by 8.5% y-o-y, to KZT 411.3 billion (~EUR 819 million*), according to data published by the country's National Bank. At the same time, over 60% of the market GWP growth was provided by life insurers, their share in the market premiums increasing by 2.1 percentage points to 38.5%.

From January to September 2020, the income of insurers in Kazakhstan increased by 24.6% y-o-y, to KZT 428.6 billion (~EUR 0.85 billion*), Allinsurance.kz reports.

Civil liability insurance of tour operators and travel agents in Kazakhstan for January-August 2020 decreased fourfold y-o-y and the segment's share in the total compulsory GWP dropped from 2.3% to 0.5%, which is explained by the impact of restrictions imposed due to the pandemic, Allinsurance.kz informed.