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KAZAKHSTAN: economic effects of the pandemic will impact premium collection in 2020
In 2019, the insurance market of Kazakhstan saw rapid growth, supported by life segment, mandatory products, and development of electronic policies for mandatory motor insurance. But, despite its impressive development during the past decade, it is yet to reach maturity, one of the latest AM Best's report shows.
28 May 2020KAZAKHSTAN: Standard Life affirmed at 'B', outlook stable
Fitch Ratings affirmed financial strength rating of the Kazakh insurer Standard Life at 'B' and the national rating at 'BBB-(kaz)' with stable outlook, according to the agency's report, published on April 30.
5 May 2020KAZAKHSTAN: total assets of life insurers in February grew by more that 45% y-o-y
In February 2020, life insurers of Kazakhstan generated GWP worth KZT 14.8 billion (~EUR 35.2 million), which is 49.2% more y-o-y, as lifeinsurance.kz reports.
28 April 2020KAZAKHSTAN: both number of registered vehicles and car accidents increased in January-February 2020
The number of vehicles, registered in Kazakhstan during the first two months of 2020, increased by 2.5% y-o-y (to 149,938 units), thus total number of registered passenger vehicles by March 1, 2020, reached 3.8 million units, according to the Kazakhstan's Statistics Committee, Trend reports.
16 April 2020KAZAKHSTAN: Jan.-Feb. voluntary health insurance increased by 36% y-o-y amid a decline in segment's loss ratio
GWP for voluntary health insurance in January-February increased by 36% y-o-y and amounted to KZT 13 billion (~EUR 30.9 million), while its market share (10.4%) remained mostly unchanged compared to previous year, Allinsurance.kz reports.
24 March 2020KAZAKHSTAN: S&P: the insurance market is under pressure of the challenging operating environment, but growth prospects remain positive
The insurance industry in Kazakhstan has sound profitability, supported by underwriting and investment results as well as the established regulatory framework, according to the report of S&P.
11 March 2020Fitch Ratings affirms Russia, Kazakhstan, Georgia, Turkey, Bulgaria and Hungary
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').
3 March 2020KAZAKHSTAN: market share of life insurance in January grew by 4% y-o-y
As the data of the regulator show, in January 2020, total Kazakh market increased by 17% y-o-y, up to KZT 75.4 billion (EUR 0.18 billion).
27 February 2020KAZAKHSTAN: non-life insurers' administrative expenses exceeded 28% of their net premiums in 2019
According to the National Bank of Kazakhstan figures, in 2019 non-life companies' profit decreased by 25.5% to KZT 52.2 billion (~EUR 122.29 million).
26 February 2020KAZAKHSTAN: AM Best revised Halyk-Life outlooks to positive from stable
AM Best has revised the outlooks to positive from stable and 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).
25 February 2020KAZAKHSTAN: average ROE in non-life sector exceeded 12% in 2019
Total profit of the insurance market in 2019 decreased by 0.6% y-o-y, despite its GWP growth, and amounted, according to the regulator, to KZT 78.4 billion (EUR 0.18 billion), Allinsurance.kz reports.
10 February 2020STATISTICS: KAZAKHSTAN, FY2019: Life insurers' profit almost doubled, while non-life sector's profit dropped by more than 25% y-o-y
GWP of the Kazakh insurance market increased by about 32% y-o-y in 2019, to KZT 508.5 billion (EUR 1.19 billion), while the net premiums went up even by 43%, as the data, published by the National Bank show.
6 February 2020KAZAKHSTAN: new edition of the Concept of the financial sector's development until 2030 to be adopted before July 1
Kazakhstan's insurance market is showing positive growth dynamics: assets in 2019 increased by 15%, to KZT 1.2 trillion, liabilities - by 13%, up to KZT 653 billion (which is 54% of the total assets), equity increased by 8%, to KZT 553 billion, as Madina ABYLKASYMOVA, the Chairman of the Agency of Kazakhstan for regulation and development of the financial market stated.
6 February 2020KAZAKHSTAN: January-November 2019 travel insurance increased by 208%
According to the data of the National Bank for 11 months of 2019, GWP of travel insurance (voluntary and compulsory together) increased by 208% y-o-y, Allinsurance.kz reports.
13 January 2020KAZAKHSTAN: new financial regulator starts operating from January 1
On January 1st, 2020, as part of the reorganization of the National Bank of Kazakhstan, an agency on regulation and development of the financial markets started to operate, Allinsurance.kz reported.
7 January 2020KAZAKHSTAN: 38% of total GWP generated by life insurance
As of December 1st, 2019, GWP of the insurance market reached KZT 455.4 billion (~EUR 1.1 billion*), which is 31.2% more y-o-y, reports Allinsurance.kz based on the regulator's data.
6 January 2020KAZAKHSTAN: the country is ready to introduce mandatory social health insurance from April 1, 2020
According to the Ministry of Health of Kazakhstan, the country is ready to introduce mandatory social health insurance, 97% of the population already being updated in the databases, allinsurance.kz reports.
18 December 2019KAZAKHSTAN: growth of Motor Hull GWP for 10 months exceeded 31% y-o-y
According to the National Bank of Kazakhstan, from January to October, Motor Hull increased by 31.4% y-o-y, to KZT 21.8 billion (~EUR 50.25 million), and its share in the portfolios of local insurers, as of November 1, 2019, amounted to roughly 8.3%, writes Allinsurance.kz.
5 December 2019KAZAKHSTAN: S&P sets industry and country risk of property and casualty insurance to moderately high
S&P Global Ratings assessed the industry and country risk of Kazakhstan's P/C insurance sector as moderately high, as the agency stated in its comments.
27 November 2019KAZAKHSTAN: as of November 1st, the share of TOP-5 insurers in MTPL exceeded 71%
As of November 1st, 2019, the share of TOP-5 MTPL insurers out of 17 companies, licensed for this insurance type, amounted to 71.1% of total MTPL GWP volume (vs. about 66% a year ago), indicating increasing concentration in this market, Allinsurance.kz reports based on the National Bank data.
26 November 2019
