Kazakhstan
KAZAKHSTAN: AFK: non-life insurance accounts for 46% of insurance market assets and only 1.04% of GDP
Despite the reduction in the number of market participants, key indicators of non-life insurance in 2024 demonstrated moderate growth against the backdrop of high economic activity, acceleration of lending, and increased inflationary processes in the economy, the Association of Financiers of Kazakhstan (AFK) writes in its report.
19 February 2025KAZAKHSTAN: Total assets of the insurance sector in 2024 grew by 25%
In 2024, the assets of insurance (reinsurance) organizations in Kazakhstan increased by 25.3% to KZT 3.1 trillion (~EUR 5.67 billion). The increase in assets was mainly due to the growth of income from insurance activities, the International Information Agency DKnews.kz reports.
10 February 2025STATISTICS: KAZAKHSTAN, FY2024: almost 84% of all premiums are generated in voluntary insurance
According to the FY2024 results, the insurance sector of Kazakhstan grew by 41.38%, reaching KZT 1,679.48 billion (EUR 3.07 billion). More than 58% of all market premiums came from non-life insurance.
5 February 2025KAZAKHSTAN: Eurasia's share of liability for damage from California wildfires may exceed USD 4.6 million
Eurasia Insurance Company, one of the market leaders, has received a notification about property damaged by large-scale wildfires in California. According to the company, Eurasia's share of liability in the loss under the reinsurance program may exceed USD 4.6 million, Allinsurance.kz reports with reference to the insurer.
27 January 2025KAZAKHSTAN: the market records growth as of the end of November 2024 - assets rise by almost 21%, while GWP - by almost 53%
Assets of the insurance sector at the end of November 2024 increased by 20.8%, amounting to KZT 3.0 trillion (~EUR 5.55 billion), mainly because of increased income from insurance activities and revaluation of foreign currency.
8 January 2025KAZAKHSTAN: voluntary property insurance of motor vehicles decreased by 10% in January-August 2024
Voluntary property insurance of motor vehicles in Kazakhstan in January-August 2024 amounted to KZT 67.9 billion (~EUR 0.13 billion), which is 10.1% less y-o-y. At the same time, the number of road accidents in Kazakhstan has doubled, Allinsurance.kz reports.
8 January 2025KAZAKHSTAN: life insurance and accident insurance are among the most popular insurance products
The number of insurance contracts with individuals, including compulsory travel insurance (CTI), in Kazakhstan increased by 38% to 18 million units in January-October of this year, according to a market study by ranking.kz.
3 December 2024KAZAKHSTAN: from January to September, the insurance sector’s total assets rose 13.4%
Total assets of insurance (reinsurance) organizations of Kazakhstan from the beginning of the year to the end of September 2024 grew by 13.4%, reaching KZT 2.8 trillion (~EUR 5.23 billion), mainly as a result of the growth of income from insurance activities, Allinsurance.kz reports referring to the Agency for Regulation and Development of Financial Market of Kazakhstan.
12 November 2024KAZAKHSTAN: the amount of payments under the European Accident Statement reached KZT 1,480 billion in 9M2024
A total of 9,363 claims were filed based on the European Accident Statement in the first 9 months of 2024. Total payments reached KZT 1,480 billion, and the average settlement period was 15 days, the Agency for Regulation and Development of Financial Market of Kazakhstan reported.
5 November 2024STATISTICS: KAZAKHSTAN, 3Q2024: life insurance grows by more than 95%
For the period from January to September 2024, Kazakhstan's insurance sector grew by 40.12%, reaching KZT 1,210.27 billion (EUR 2.26 billion). Insurers' paid claims increased by 23.37% to KZT 240.92 billion (EUR 450.36 million), as shown by data published by the National Bank.
28 October 2024KAZAKHSTAN: in January-August, compulsory insurance of workers against accidents generated more than half of all compulsory insurance GWP
Total premiums in compulsory insurance of workers against accidents in Kazakhstan for January-August of this year amounted to KZT 95.3 billion (~EUR 0.18 billion), which is 61.4% more y-o-y. It is noted that this class shows significant growth for the third year in a row, Allinsurance.kz writes.
28 October 2024KAZAKHSTAN: Nomad Insurance to reinsure Coca-Cola risks
Nomad Insurance, one of the top-10 insurance companies in Kazakhstan, has announced a reinsurance agreement with Coca-Cola HBC, one of the largest beverage producers in the world, the insurer said in its statement.
24 October 2024KAZAKHSTAN: AM Best confirms Eurasia's rating at B++
AM Best agency confirmed Eurasia's financial strength rating at B++ and its long-term credit rating at bbb+ with a stable outlook, the insurer reports. It is noted that the company has maintained the highest rating among all insurance companies in Kazakhstan from AM Best for many years.
24 October 2024KAZAKHSTAN: voluntary property insurance of motor vehicles decreased by 10% from January to August
From January to August of this year, voluntary property insurance of motor vehicles in Kazakhstan amounted to KZT 67.9 billion (~EUR 128 million), which is 10.1% less y-o-y, Kapital.kz writes.
16 October 2024KAZAKHSTAN: experts discussed introduction of catastrophic risk insurance in Kazakhstan
Based on the study of international experience and analysis of the insurance market of Kazakhstan, it was decided to introduce mandatory catastrophic risk insurance in the republic.
16 October 2024KAZAKHSTAN: in July, the market reached its maximum since 2008
From January to July 2024, the growth rate of insurance sales in Kazakhstan increased significantly y-o-y. New leaders have emerged, demonstrating large sales volumes, according to the Chairman of the Board of Freedom Insurance Azamat Kerimbayev, Allinsurance.kz writes.
1 October 2024STATISTICS: KAZAKHSTAN, 1H2024: paid claims in property insurance decreased by almost 23%
In 1H2024, the insurance sector of Kazakhstan grew by 28.31%, reaching KZT 754.52 billion (EUR 1.49 billion). Insurers' paid claims increased by 25.69% to KZT 149.94 billion (EUR 297.04 million), as data published by the National Bank show.
26 September 2024KAZAKHSTAN: compulsory insurance of civil liability of carriers increased by 11.6% in January-July
Compulsory insurance of civil liability of carriers to passengers in Kazakhstan in January-July 2024 amounted to KZT 1.9 billion (~EUR 3.71 million), which is 11.6% more y-o-y. It is noted that a year earlier the segment’s growth was 13.6% (according to calculations by Ranking.kz), Allinsurance.kz writes.
18 September 2024KAZAKHSTAN: payments for vehicles damaged as a result of hail in Astana may exceed KZT 4.5 billion
The total property damage to vehicle owners after a strong hail that hit Astana on August 8 may exceed KZT 4.5 billion (~EUR 8.37 million), according to estimates from the EURASIA insurance company.
29 August 2024KAZAKHSTAN: Despite impressive growth in 2023, Motor Hull covers no more than 5% of the country's vehicle fleet
As a result of the severe hailstorm that occurred in Astana in early August, at least 5,000 vehicles were damaged, according to preliminary estimates from Eurasia’s (the market leader) specialists.
21 August 2024
