Kazakhstan
KAZAKHSTAN: new edition of the Concept of the financial sector's development until 2030 to be adopted before July 1
Kazakhstan's insurance market is showing positive growth dynamics: assets in 2019 increased by 15%, to KZT 1.2 trillion, liabilities - by 13%, up to KZT 653 billion (which is 54% of the total assets), equity increased by 8%, to KZT 553 billion, as Madina ABYLKASYMOVA, the Chairman of the Agency of Kazakhstan for regulation and development of the financial market stated.
6 February 2020KAZAKHSTAN: January-November 2019 travel insurance increased by 208%
According to the data of the National Bank for 11 months of 2019, GWP of travel insurance (voluntary and compulsory together) increased by 208% y-o-y, Allinsurance.kz reports.
13 January 2020KAZAKHSTAN: new financial regulator starts operating from January 1
On January 1st, 2020, as part of the reorganization of the National Bank of Kazakhstan, an agency on regulation and development of the financial markets started to operate, Allinsurance.kz reported.
7 January 2020KAZAKHSTAN: 38% of total GWP generated by life insurance
As of December 1st, 2019, GWP of the insurance market reached KZT 455.4 billion (~EUR 1.1 billion*), which is 31.2% more y-o-y, reports Allinsurance.kz based on the regulator's data.
6 January 2020KAZAKHSTAN: the country is ready to introduce mandatory social health insurance from April 1, 2020
According to the Ministry of Health of Kazakhstan, the country is ready to introduce mandatory social health insurance, 97% of the population already being updated in the databases, allinsurance.kz reports.
18 December 2019KAZAKHSTAN: growth of Motor Hull GWP for 10 months exceeded 31% y-o-y
According to the National Bank of Kazakhstan, from January to October, Motor Hull increased by 31.4% y-o-y, to KZT 21.8 billion (~EUR 50.25 million), and its share in the portfolios of local insurers, as of November 1, 2019, amounted to roughly 8.3%, writes Allinsurance.kz.
5 December 2019KAZAKHSTAN: S&P sets industry and country risk of property and casualty insurance to moderately high
S&P Global Ratings assessed the industry and country risk of Kazakhstan's P/C insurance sector as moderately high, as the agency stated in its comments.
27 November 2019KAZAKHSTAN: as of November 1st, the share of TOP-5 insurers in MTPL exceeded 71%
As of November 1st, 2019, the share of TOP-5 MTPL insurers out of 17 companies, licensed for this insurance type, amounted to 71.1% of total MTPL GWP volume (vs. about 66% a year ago), indicating increasing concentration in this market, Allinsurance.kz reports based on the National Bank data.
26 November 2019KAZAKHSTAN: January - October GWP increased 31.1% while profit of insurers fell more than 10%
As of November 1, 2019, insurers assets grew by 18% y-o-y and amounted to KZT 1,168.5 billion (EUR 2.69 billion). However, total retained profit dropped by 10.4%, to KZT 69.7 billion (EUR 0.16 billion), as Allinsurance.kz reports.
21 November 2019STATISTICS: KAZAKHSTAN, 3Q2019: market paid claims up by almost 63% y-o-y
Kazakhstan's market GWP reached KZT 378.9 billion (+32.1% in local currency; ~ EUR 894.87 million) at the end of third quarter of 2019, National Bank's data show.
31 October 2019KAZAKHSTAN: National Bank made supervisory recommendations as response to the Jan-Sept violations
The National Bank of Kazakhstan published three advisory measures as a supervisory response, after the analysis of violations of the rights and interests of financial services consumers, committed by insurance companies in the first three quarters of 2019, Allinsurance.kz reports.
23 October 2019KAZAKHSTAN: S&P assesses insurance industry and country risk for the life insurance
S&P Global Ratings assesses insurance industry and country risk as moderately high for the life insurance sector in Kazakhstan (BBB-/Stable/A-3), as stated in the agency's report.
9 October 2019KAZAKHSTAN: regulator sets the task of Solvency II introduction
The National Bank of Kazakhstan has set the task of changing the country's insurance sector by introducing Solvency II standard in the forecast of economic development of Kazakhstan for 2020-2024, as Allinsurance.kz reports.
3 October 2019KAZAKSTAN: market GWP in Jan-Aug increased by 30% y-o-y
From January to August 2019 GWP of 26 Kazakh insurers reached KZT 342.6 billion (~EUR 0.8 billion), which is 30% more y-o-y, Allinsurance.kz reports.
26 September 2019KAZAKHSTAN: in January-July MTPL paid claims increased by 18% y-o-y amid the rapid aging of the fleet
Between January - July this year, Kazakh insurers paid KZT 16.7 billion (~EUR 39 million) in the most popular individual insurance class, MTPL, which is 18% more y-o-y, according to Allinsurance.kz.
5 September 2019KAZAKHSTAN: life insurance provided 80% of the market y-o-y growth for January-July
During the January - July 2019 period, total market GWP increased by KZT 57.1 billion/~EUR 0.13 billion (+23%) y-o-y. At the same time, about 80% of that increase was provided by the life sector, as Allinsurance.kz reports.
29 August 2019STATISTICS: KAZAKHSTAN, 1H2019: market growth exceeded 20% thanks to life insurance
In the first half of 2019, the market grew by 20.20% y-o-y in local currency, GWP reached almost KZT 255 billion (~EUR 588 million), as data published by the National Bank of Kazakhstan show.
22 August 2019KAZAKHSTAN: from January to June, insurer profit decreased 20% y-o-y; asset growth exceeded 12%
In the first half of 2019, local insurer assets grew by 12.8% y-o-y, to KZT 1.1 trillion (~EUR 2.54 billion). However, in the background, profit dropped by 20% to KZT 35.5 billion (~EUR 81.97 million), Allinsurance.kz reports.
19 August 2019KAZAKHSTAN: Sigma: last year Kazakh insurance market ranked 77th in the world
According to Sigma, the research publication of Swiss Re, the Kazakh insurance market ranked 77th among world markets in 2018, ahead of Cyprus, Allinsurance.kz reported with reference to Express-k.kz.
7 August 2019KAZAKHSTAN: in May, total equity and assets of insurers decreased amid an impressive growth of income - almost 41% from April
Total equity of insurers in May continued to decline (-0.6%) and amounted to KZT 499.1 billion (~EUR 1.17 billion). However, the leader in terms of equity, EURASIA, improved its result in May to KZT 137.8 billion, as did VICTORY, which ranks second (to KZT 87.1 billion), Allinsurance.kz reports.
5 August 2019
