Kazakhstan
KAZAKHSTAN: 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 2024KAZAKHSTAN: Life insurers' net profit in 1Q fell by almost 43% y-o-y
In the first quarter of this year, life insurance in Kazakhstan increased by 26% y-o-y, while paid claims jumped by 64% at once, Allinsurance.kz reports with a reference to the National Bank’s data.
21 August 2024KAZAKHSTAN: Life insurers’ net profit in 1Q fell by almost 43% y-o-y
In the first quarter of this year, life insurance in Kazakhstan increased by 26% y-o-y, while paid claims jumped by 64% at once, Allinsurance.kz reports with a reference to the National Bank’s data.
15 August 2024KAZAKHSTAN: from January to May the market grew by 38%, the main driver is voluntary personal insurance
From January to May, assets of the insurance sector of Kazakhstan grew by 2.3%, and at the end of May amounted to KZT 2.6 trillion (EUR 5.40 billion), mainly because of the voluntary reorganization of KazakhExport into an export credit agency.
8 July 2024KAZAKHSTAN: from January to April, voluntary insurance of property increased by almost 8% y-o-y
Voluntary insurance of property in Kazakhstan from January to April 2024 increased by 7.9% y-o-y and amounted to KZT 98.9 billion (EUR 208.28 million). It is noted that a year earlier the growth of the segment was 13.1%, Allinsurance.kz writes.
25 June 2024STATISTICS: KAZAKHSTAN, 1Q2024: the growth rate of life insurance was almost 57%
In 1Q2024, the insurance sector of Kazakhstan grew by 27.56%, reaching KZT 366.55 billion (EUR 760.79 million). Paid claims of insurers increased by 31% to KZT 67.26 billion (EUR 139.61 million), as data published by the National Bank show.
21 May 2024KAZAKHSTAN: in January-March MTPL market decreased by 12.6% y-o-y
The MTPL market in Kazakhstan in January-March 2024 amounted to KZT 24.9 billion (~EUR 51.68 million), which is 12.6% less y-o-y. Also, the leader in this segment has changed, Allinsurance.kz writes.
21 May 2024KAZAKHSTAN: voluntary life insurance coverage in the country is 0.8%
Among 6.4 million Kazakhstanis who insured their lives, only 1.5% did so voluntarily, as Zhanar Zhubaniyazova, chairman of the life insurance company - Halyk Life, said, Kursiv wrote.
30 April 2024KAZAKHSTAN: AM Best confirms the financial strength rating and long-term credit rating of Halyk-Life
On April 12, 2024, the rating agency AM Best confirmed the financial strength rating at B++ (Good) and the Long-term issuer credit rating at bbb (Good) for the life insurance company - Halyk-Life. The outlook is stable, the insurer wrote on its website.
30 April 2024KAZAKHSTAN: from January to February, voluntary personal health insurance increased by a third
During the period from January to February 2024, more than half of the premiums in voluntary personal health insurance fell on just three insurance companies, and the total GWP in the segment increased by one third, reaching KZT 23.1 billion/~EUR 47.25 million (vs KZT 17.3 billion a year ago), Allinsurance.kz wrote.
23 April 2024KAZAKHSTAN: in 2023, net profit of the life insurance sector increased by 44.6%
In 2023, increased demand for life insurance products, both as a result of the risks and through legislative incentives, ensured growth of all key indicators of the life insurance market, according to the review of the Kazakhstan life insurance market for 2023, prepared by the AFK Analytical Center (Association of Financiers of Kazakhstan).
17 April 2024KAZAKHSTAN: property damage because of floods may exceed KZT 6 billion
As a result of recent floods in the west and north of Kazakhstan, property damage to the population may exceed KZT 6 billion (~EUR 12.43 million), Eurasia company said on its website.
9 April 2024KAZAKHSTAN: insurance sector assets grow by 4.4% in January
As of February 1, 2024, the assets of insurance (reinsurance) organizations in Kazakhstan increased by 4.4% to KZT 2.6 trillion (~EUR 5.33 billion) mainly because of increased income from insurance activities. In the structure of assets, the largest share is occupied by securities – 67.8% (KZT 1.8 trillion), reports the Agency for Regulation and Development of Financial Market.
19 March 2024KAZAKHSTAN: the share of voluntary personal life insurance on the market decreases for the second year in a row
GWP on voluntary personal life insurance (except for life insurance within the framework of the state educational savings system) in 2023 increased by 19.8%, reaching KZT 225 billion (~EUR 0.45 billion). At the same time, the segment’s share in total market premiums decreased from 20.9% to 18.9%, Allinsurance.kz reports.
5 March 2024KAZAKHSTAN: Paid claims of Eurasia insurance company for the earthquake in Turkey exceed EUR 15 million
Paid claims of Eurasia, the leader of the local market, for the earthquake in Turkey exceeded EUR 15 million or KZT 7.25 billion. Eurasia participates as a reinsurer in the TCIP risk reinsurance program, the Turkish Catastrophe Insurance Pool for compulsory earthquake insurance, which provides insurance for private households, Allinsurance.kz wrote.
13 February 2024STATISTICS: KAZAKHSTAN, FY2023: Motor Hull saw the most rapid growth in GWP, while GTPL – in paid claims
In 2023, the insurance sector of Kazakhstan grew by 32%, reaching KZT 1,187.88 billion (EUR 2.36 billion). Insurers' paid claims at the same time jumped 43% to KZT 281.22 billion (EUR 559.93 million), data published by the National Bank show.
7 February 2024KAZAKHSTAN: insurance against natural disasters will be introduced
Insurance against natural disasters will be introduced in Kazakhstan. The Agency for Regulation and Development of Financial Market is working on the introduction of catastrophe bonds together with the World Bank, 24kz writes.
29 January 2024KAZAKHSTAN: in January-November the market grew by more than 25% thanks to voluntary property insurance
The insurance market in January-November 2023 amounted to KZT 876.1 billion (~EUR 1.74 billion), which is 25.5% more y-o-y. The main growth driver is voluntary property insurance, Allinsurance.kz wrote.
9 January 2024KAZAKHSTAN: From January 1, 2024, citizens will be able to use the European Accident Statement to receive insurance compensation
On November 5, 2023, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market approved the rules for a simplified procedure of claim settlement – European Accident Statement, Allinsurance.kz reports with reference to the Agency.
5 December 2023KAZAKHSTAN: in 2024 claim settlement for all compulsory types of insurance to go online
Online claim settlement for all compulsory types of insurance and a simplified procedure for receiving insurance payments in MTPL (European Accident Statement) will be introduced in 2024, and will make the insurance process simpler and more transparent, Allinsurance.kz writes with reference to the Agency for Regulation and Development of the Financial Market.
20 November 2023
