Kazakhstan
KAZAKHSTAN: Ministry of Health: The number of uninsured population is still high at 20%
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,
31 December 2021KAZAKHSTAN: assets of the insurance market from January to October grew by more than 17% y-o-y
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.
8 December 2021STATISTICS: KAZAKHSTAN, 3Q2021: GWP shows impressive growth (47% in local currency) amid a decline in paid claims
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.
10 November 2021KAZAKHSTAN: conference "Anti-fraud in motor insurance": the level of fraudulent payments reaches 20% of all paid claims in motor insurance
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.
8 November 2021KAZAKHSTAN: from the beginning of the year to October, Halyk-Life collected record GWP in the entire history of the life insurance market
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.
1 November 2021KAZAKHSTAN: compulsory travel insurance reached record premiums in seven months
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.
5 October 2021STATISTICS: KAZAKHSTAN, 1H2021: GWP grew by almost 53%, while paid claims dropped by more than 35% y-o-y
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.
5 August 2021KAZAKHSTAN: S&P assesses industry and country risk for Kazakhstani life and Property/Casualty insurance as moderately high
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.
30 June 2021KAZAKHSTAN: in the first quarter, life insurers became a growth driver of the market assets
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).
20 May 2021STATISTICS: KAZAKHSTAN, 1Q2021: the market grew by more than 34% y-o-y (in local currency)
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).
13 May 2021KAZAKHSTAN: presented the first earthquake risk model, designed specifically for the Republic of Kazakhstan
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.
6 April 2021KAZAKHSTAN: growth of the life insurance sector in 2020 was a record
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.
31 March 2021KAZAKHSTAN: a set of amendments to be made to the insurance legislation
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.
22 March 2021KAZAKHSTAN: motor insurance and life insurance increased last year despite the difficult pandemic situation
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.
17 March 2021KAZAKHSTAN: pre-tax profit of non-life insurers up 39% in 2020 despite the pandemic
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).
11 March 2021KAZAKHSTAN: S&P: Life insurers to continue to see double-digit GWP growth in 2021
"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.
24 February 2021KAZAKHSTAN: in 2021 KZT 3.3 billion to be allocated to subsidize agroinsurance
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.
18 February 2021KAZAKHSTAN: assets of life insurers in 2020 grew by 38% vs growth of 15% for non-life insurers
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.
17 February 2021AM Best Affirms Credit Ratings of Halyk-Life, JSC
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).
15 February 2021STATISTICS: KAZAKHSTAN, FY2020: the growth of the life sector is twice that of the non-life (in local currency)
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.
11 February 2021
