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.

Fitch Ratings has affirmed Insurer Financial Strength (IFS) Rating at 'BB-' and National IFS at 'BBB+(kaz)' (outlooks negative) of the Kazakhmys Insurance Company (Kazakhstan), according to the agency's report, published on October 16.

Almost half of the premiums under compulsory employee accident insurance in Kazakhstan from January to August 2020 were collected by two companies - NOMAD Life and HALYK-Life, allinsurance.kz reported.

From January to August 2020, voluntary personal accident insurance in Kazakhstan increased by 18% compared to the same period in 2019, Allinsurance.kz reports.

The insurance market regulator came up with an initiative to develop a draft law "on amendments and additions to certain legislative acts of the Republic of Kazakhstan on regulation and development of the insurance market and securities market" in order to update the legislation and make changes on problematic market issues, according to the Association of Financiers of Kazakhstan (AFK).