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.

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.

At the end of 3Q2023, the insurance sector in Kazakhstan reached KZT 863.74 billion (EUR 1.71 billion), which is 27% more y-o-y. At the same time, paid claims jumped by almost 40%, amounting to KZT 195.28 billion (EUR 387.84 million), as data published by the National Bank show.

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.

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.

On September 20-21, 2023 in Almaty, at the Intercontinental Almaty hotel, the XIV International Conference "Insurance in Central Asia" will be held.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.