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.

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.

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.

Over the past three years, the assets of insurance companies have grown by 74.6% to KZT 2 trillion (~EUR 4.35 billion).

In Kazakhstan, on November 7, 2022, by the decision of the Commission of the Agency of the Republic of Kazakhstan for Regulation and Development of the financial market, Igor YAKOVENKO was elected to the position of insurance ombudsman, Allinsurance.kz reports with reference to the Agency.

The assets of insurance (reinsurance) companies in Kazakhstan increased slightly by 0.03% to KZT 2 trillion (~EUR 4.3 billion) by the end of September, or of 10.3% since the beginning of 2022, mainly due to an increase in income from insurance activities, Allinsurance.kz reports quoting the supervising authority.

The insurance sector of Kazakhstan ended three quarters of 2022 with an increase of 12% y-o-y in local currency. Total GWP volume reached KZT 677.83 billion (EUR 1.46 billion). At the same time, insurers' paid claims increased by almost 54%, to KZT 139.75 billion (EUR 302.37 million), according to the data published by the National Bank.

The assets of the insurance sector of Kazakhstan at the end of August 2022 increased by 0.7% to KZT 2 trillion/~EUR 4.23 billion (an increase of 10.3% since the beginning of 2022), mainly due to an increase in income from insurance activities.

Kazakhstan plans to gradually introduce a system of compulsory professional liability insurance for medical workers, Allinsurance.kz wrote with reference to Kapital.kz.

Assets of re/insurance companies increased to KZT 2 trillion(~EUR 4.09 billion) in July 2022, their growth since the beginning of the year amounted to 9.6%, mainly due to the growth of income from insurance activities and revaluation of the financial instruments in foreign currency, Allinsurance.kz reports with reference to the Agency of the Republic of Kazakhstan for Regulation and development of the financial market.

As of July 1, 2022, the assets of the insurance sector of Kazakhstan increased by 5% to KZT 1.97 trillion (EUR 4.05 billion), as the update to the previous news says.

In the first half of 2022, the insurance sector of Kazakhstan grew by 4.03%, to KZT 445.89 billion (EUR 912.31 million). At the same time, insurers' paid claims, in contrast to premiums, jumped by more than 36%, reaching KZT 80.81 billion (EUR 165.35 million), according to data published by the National Bank.

The solvency ratio of the insurance sector as of July 1 of this year was 4.6 with a minimum value of 1, although it decreased compared to the beginning of 2022 under the influence of external shocks (as of January 1, 2022 - 6.3).

The assets of insurance companies have doubled over the past 5 years to KZT 1.8 trillion and reached 2.3% of GDP, which is associated with an increase in GWP, according to the Concept for the Development of the Financial Sector of Kazakhstan until 2030.

In the first quarter of 2022, insurers received losses due to volatility in the foreign exchange market of Kazakhstan, Allinsurance.kz wrote with reference to Azamat KERIMBAYEV, Advisor to the Chairman of the Board of Freedom Insurance.

On June 09, 2021, the Chairman of the Agency of the Republic of Kazakhstan for the regulation and development of the financial market, Madina ABYLKASYMOVA, presented the draft Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Regulation and Development of the Insurance Market, the Securities Market, and Banking", reports Allinsurance.kz.

In April 2022, the assets of the insurance sector decreased by 0.7% and as of May 1 amounted to KZT 1.9 trillion (EUR 4.02 billion). The decrease in assets in April was mainly due to a decrease in cash and deposits placed in second-tier banks, according to the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan.

The first quarter of 2022, the insurance sector of Kazakhstan ended with an increase of 6.57%, reaching KZT 231.91 billion (EUR 454.22 million). Unlike premiums, paid claims increased by more than 34% y-o-y, as the data published by the National Bank show.

High demand for property insurance against additional risks in the first quarter of 2022 allowed insurers to increase GWP in voluntary property insurance by 24% (or KZT 12.8 billion/EUR 24.71 million), Allinsurance.kz writes with reference to FREEDOM FINANCE INSURANCE.

At the end of 2021, the share of the insurance sector of Kazakhstan in the country's GDP amounted to 3%, and in the next 5 years, insurance can increase its profitability by 2 times, Allinsurance.kz wrote with reference to finreview.info.