Kazakhstan
KAZAKHSTAN: voluntary motor insurance increased 2.4 times in January-July
As of July 2023, there were 4.4 million passenger cars in Kazakhstan, which is 11.4% more y-o-y. At the same time, the motor insurance market has also grown noticeably: Motor Hull for January - July 2023 reached a record KZT 63.9 billion (~EUR 0.13 billion), which is 2.4 times more than in the same period last year, Allinsurance.kz wrote.
24 October 2023KAZAKHSTAN: the XIV International Conference "Insurance in Central Asia" was held on September 20–21
The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market reported that the XIV International Conference “Insurance in Central Asia” was held on September 20–21, 2023.
25 September 2023KAZAKHSTAN: On September 20-21, the XIV International Conference "Insurance in Central Asia" to be held in Almaty, Republic of Kazakhstan
On September 20-21, 2023 in Almaty, at the Intercontinental Almaty hotel, the XIV International Conference "Insurance in Central Asia" will be held.
28 August 2023STATISTICS: KAZAKHSTAN, 1H2023: the market grew by 32%, mainly supported by voluntary property insurance
Total GWP for the first half of 2023 amounted to KZT 588.05 billion (EUR 1.18 billion), which means an increase of almost 32% y-o-y, according to data published by the National Bank. The main driver of growth is voluntary property insurance.
23 August 2023KAZAKHSTAN: in 1H the MTPL loss ratio increased to almost 68%
From 2024, the insurance market regulator will adjust regional coefficients when calculating MTPL tariffs depending on regional unprofitability, and thus the tariffs for the most massive type of insurance will reflect actual risks of vehicle owners in a particular region of Kazakhstan, Allinsurance.kz wrote.
22 August 2023KAZAKHSTAN: In 1Q2023, insurance sector's total income grows 20%
Total income of insurance companies in Kazakhstan in the first quarter of 2023 amounted to KZT 241.5 billion (~EUR 0.48 billion), which is 20.1% more y-o-y. At the same time, expenses increased by 16.6%, to KZT 195.3 billion (~EUR 0.39 billion), Allinsurance.kz reports.
21 June 2023KAZAKHSTAN: growth of insurance sector's assets from January to April reached almost 10%
The assets of insurance (reinsurance) organizations of Kazakhstan at the end of April 2023 amounted to KZT 2.3 trillion/~EUR 4.63 billion (+9.7% since the beginning of 2023), mainly as a result of an increase in income from insurance activities, Allinsurance.kz wrote with reference to the Agency of the Republic of Kazakhstan for the regulation and development of the financial market.
7 June 2023STATISTICS: KAZAKHSTAN, 1Q2023: insurance sector's assets increased by 6.5%, liabilities - by 6.3%
In 1Q2023, the insurance sector grew to KZT 287.35 billion (EUR 590.56 million), which is almost 24% more y-o-y. The main growth driver is voluntary property insurance. At the same time, insurers' paid claims increased by about 37% to KZT 51.22 billion (EUR 105.28 million), as shown by data published by the National Bank.
17 May 2023KAZAKHSTAN: insurance sector's assets grew by 6.5% in the first three months of 2023
At the end of March 2023, the assets of insurance (reinsurance) companies increased to KZT 2.2 trillion/~EUR 4.44 billion (an increase of 6.5% since the beginning of 2023), mainly as a result of an increase in income from insurance activities, Allinsurance.kz reports.
11 May 2023KAZAKHSTAN: personnel changes in the board of EURASIA
Boris Umanov has decided to leave the position of chairman of the board and member of the board of directors of the market leader - EURASIA at his own request, the insurer reports.
27 April 2023KAZAKHSTAN: insurance sector's assets grow by 4.5% in the first two months of the year
As of March 1, 2023, the assets of insurance (reinsurance) companies in Kazakhstan totaled KZT 2.2 trillion (an increase of 4.5% since the beginning of 2023)/~EUR 4.66 billion, mainly as a result of an increase in income from insurance activities, Allinsurance.kz writes with reference to the data of the Agency of the Republic of Kazakhstan for regulation and development of the financial market.
6 April 2023KAZAKHSTAN: EURASIA makes first payments for the earthquake destructions in Turkey
The leader of the insurance sector of Kazakhstan, EURASIA paid the first KZT 132 million (~EUR 0.27 million) for damages as a result of a series of devastating earthquakes in the south-east of Turkey in early February, Allinsurance.kz reports citing the insurer.
15 March 2023KAZAKHSTAN: in 2022, the insurance sector remained stable and saw growth in all key indicators
As of January 1, 2023, the insurance sector's assets amounted to KZT 2.07 trillion (~EUR 4.18 billion), which is 13.01% more y-o-y. Asset-to-GDP ratio remains at 2.04%. Liabilities amounted to KZT 1.29 trillion, having increased by 18.76% since the beginning of 2022, as was noted by the participants of the meeting of the financial regulator with market representatives on February 21, Allinsurance.kz wrote.
28 February 2023STATISTICS: KAZAKHSTAN, FY2022: non-life insurance supported market growth, while life insurance declined
At the end of 2022, the insurance sector of Kazakhstan grew by 10.40%, to KZT 899.59 billion (EUR 1.82 billion). At the same time, insurers' paid claims, in contrast to premiums, jumped by more than 50% in local currency, reaching KZT 196.33 billion (EUR 398.37 million), according to data published by the National Bank.
22 February 2023KAZAKHSTAN: the market has potential for further development of reinsurance
According to the analytical center of the Association of Financiers of Kazakhstan (AFK), in 2022, the structure of the reinsurance market in Kazakhstan has undergone noticeable changes. The volume of the domestic and inward reinsurance market has grown significantly, Allinsurance.kz wrote.
16 February 2023KAZAKHSTAN: insurance sector's assets grew by 13% in 2022
In 2022, assets of insurance (reinsurance) companies in Kazakhstan increased by 13% to KZT 2.1 trillion (~EUR 4.25 billion). Growth of assets was mainly due to the growth of income from insurance activities, Allinsurance.kz writes with reference to the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.
7 February 2023KAZAKHSTAN: the insurance sector's assets at the end of November 2022 grew by almost 13% y-o-y
In November 2022, the insurance sector's assets increased by 1.1% to KZT 2.1 trillion/EUR 4.3 billion (an increase of 12.7% since the beginning of 2022), mainly as a result of an increase in income from insurance activities, Allinsurance.kz wrote with reference to the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.
16 January 2023KAZAKHSTAN: market participants sum up the results of 2022 and talk about innovations in insurance
Inflation puts pressure on loss ratios, and insurance companies invest in securities that no longer show the required return, said Nurzhan Dzhantureev, Deputy Chairman of the Board of EURASIA, Allinsurance.kz wrote with reference to capital.kz.
9 January 2023KAZAKHSTAN: the largest share in the structure of insurers' assets belongs to securities
In October 2022, the assets of insurance (reinsurance) companies in Kazakhstan increased to KZT 2 trillion/~EUR 4.3 billion (an increase of 11.5% since the beginning of 2022), mainly as a result of an increase in income from insurance activities, Allinsurance.kz reports with reference to the data of the National Bank.
12 December 2022KAZAKHSTAN: sovereign credit rating of Kazakhstan affirmed at BBB with a stable outlook
The international rating agency Fitch Ratings on December 2 affirmed the sovereign credit rating of the Republic of Kazakhstan at BBB with a stable outlook, Allinsurance.kz writes with reference to the National Bank.
7 December 2022
