On April 1, 2022, S&P announced preservation of the sovereign credit rating of the Republic of Kazakhstan at BBB- with a stable outlook, Allinsurance.kz reports with reference to the National Bank of Kazakhstan.

On March 4, 2022, S&P affirmed sovereign credit rating of the Republic of Kazakhstan at BBB- with a stable outlook, Allinsurance.kz portal reports with reference to the National Bank of Kazakhstan.

In 2021, in Kazakhstan extreme supervision was established for 4 insurers, intensive supervision for 6, detailed supervision - 6, monitoring - 3, standard supervision - 9.

In 2021, the assets of insurance (reinsurance) companies in Kazakhstan increased by 23% and as of January 1, 2022, amounted to KZT 1.8 trillion (~EUR 3.69 billion*), Allinsurance.kz reports referring the data from the Agency of the Republic of Kazakhstan for the regulation and development of the financial market (ARRFR).

At the end of 2021, the insurance sector of Kazakhstan recorded an increase of 43.42% y-o-y, to KZT 814.81 billion (EUR 1.67 billion). At the same time, insurers' paid claims fell by almost 13% to KZT 130.60 billion (EUR 267.75 million), according to data published by the National Bank.

According to the National Bank, as of December 1, 2021, there were 27 insurance (reinsurance) organizations operating in Kazakhstan, their total assets amounted to almost KZT 1.78 trillion/EUR 3.60 billion*. GWP collected as of this date amounted to KZT 725 billion, liabilities - approximately KZT 1.05 trillion (including KZT 871.26 billion of insurance reserves), Allinsurance.kz writes citing inbusiness.kz.

The number of uninsured population in Kazakhstan is still very high and amounts to 20% of the country's population, as reported by the Vice Minister of Health of the Republic of Kazakhstan Asem NUSUPOVA,

Total assets of insurance (reinsurance) companies in Kazakhstan for 10 months increased by 17.5% and as of November 1, 2021, amounted to KZT 1.75 trillion (~EUR 3.54 billion*). This is mainly due to the growth of insurance premiums and their investment in securities, Allinsurance.kz reports based on the data of the National Bank.

From January to September 2021 GWP increased by 47.09% to KZT 604.95 billion (~EUR 1.22 billion). Significant growth was observed in all insurance segments, and the most impressive one can be noted in life insurance (more than 94%), GTPL, cargo insurance and accidents insurance, based on the data published by the National Bank.

In October, a practical conference "Anti-fraud in motor insurance" was held in Almaty, during which speakers and participants discussed a number of topical issues on counteracting unfair practices in motor insurance, Allinsurance.kz reports.

Despite the pandemic, from the beginning of the year to October 27, 2021, Halyk-Life collected record GWP in the entire history of the life insurance market: over KZT 100 billion (~EUR 0.2 billion*), which is 88% more y-o-y. According to the National Bank, the insurer occupies a third of the market in terms of GWP, Kapital.kz reports.

For the period from January to June 2021, GWP of the compulsory travel insurance, according to the National Bank of Kazakhstan, reached a record volume of KZT 2.2 billion (~EUR 4.36 million*), which is five times more y-o-y and 1.5 times more compared to the same period of 2019, Allinsurance.kz reports.

Kazakhstani insurers ended the first half of 2021 with an increase of almost 53% y-o-y (in local currency), GWP reaching KZT 428.61 billion (EUR 841.46 million). The market driver was life insurance, annual growth of which exceeded 130% at the end of June, according to data published by the National Bank.

S&P Global Ratings assessed insurance industry and country risk as moderately high for the life insurance sector in Kazakhstan (BBB-/Stable/A-3), which is comparable to life sectors in China, Colombia, Portugal, Poland, and South Africa.

In 1Q2021, assets of the Kazakhstani insurers increased by 19% y-o-y and by 9% compared to the entire 2020. The driver of this growth was life insurers (+31%), while the assets of non-life insurers grew within 10-12%, Allinsurance.kz reports with reference to AFK (Association of Financiers of Kazakhstan).

For the first quarter of 2021, the insurance market in Kazakhstan showed an impressive growth - by 34.48% to KZT 217.62 billion (EUR 436.88 million).

A year after the release of the review of the rating agency S&P Global Ratings, the first earthquake risk model Tremblor with a high degree of detail on the zoning of the territory was presented on the Kazakhstani insurance market.

Life insurers' GWP in Kazakhstan in 2020 amounted to KZT 228.9 billion (~EUR 0.44 billion*), which is 16% more y-o-y. This figure is a record for the life insurance sector, Allinsurance.kz reports with reference to Ranking.kz.

By the end of April 2021, the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan will introduce a set of amendments to the Mazhilis (State authority, a part of the Parliament) on regulation and development of the insurance market, writes Allinsurance.kz with reference to Kursiv.kz.

The pandemic had a positive impact on the results of the Kazakhstani motor insurance market - Motor Hull increased by 7% to KZT 28 billion (~EUR 54.18 million*), and MTPL - by 6% to KZT 81.1 billion (~EUR 156.93 million*), said Marina SHIPOVALOVA, General Director, INTERCONSULT Info, insurance consultant, for Allinsurance.kz.