Kazakhstan
KAZAKHSTAN: for 11 months in 2018 the market concentration increased by almost 14% y-o-y
The Kazakh insurance sector keeps concentrating. As of December 1, 2018 the share of TOP-5 companies in general insurance GWP increased by 13.9 percentage points y-o-y, reaching 68.3% (vs 54.4% a year ago), as allinsurance.kz informed.
10 January 2019Kazakh National Bank branch announces tender for voluntary vehicle insurance
2 January 2019KAZAKHSTAN: GWP of professional liability insurance dropping against paid claims growth in the segment
GWP of compulsory insurance classes went up, overall, by 9.3% y-o-y, in the first ten months of 2018, although all major types of compulsory professional liability insurance demonstrate a rather strong decrease, according to the data of the National Bank of Kazakhstan.
20 December 2018KAZAKHSTAN: motor insurance accounts for over 30% of the market portfolio, while about a quarter of all vehicles in the country are not insured
Motor insurance lines in Kazakhstan (compulsory MTPL and Motor Hull conjunctively) account for over 30% in the market non-life portfolio, according to the 10 months results; at that about 24% of the registered vehicles are not insured, as Allinsurance.kz wrote.
12 December 2018KAZAKHSTAN: paid claims by the six biggest insurers account for over 57% of the market, 10 months statistics show
GWP as of the end of October amounted to KZT 317.7 billion (+1.9% y-o-y), according to Ranking.kz, as Allinsurance.kz informed. Paid claims throughout the same period increased by 9.9% y-o-y, to KZT 77.9 billion
12 December 2018KAZAKHSTAN: EURASIA keeps about a quarter of total assets and almost 44% of total profit of the insurance sector
In October the insurance market saw positive growth in terms of total assets and capital: assets increased by 0.2% to KZT 990.4 billion, total capital went up by 0.1% to KZT 462 billion, as allinsurance.kz informed.
6 December 2018KAZAKHSTAN: Swiss Re is expanding its presence in Kazakhstan based on agro insurance
Swiss Re is ready to extend its presence in Kazakhstan, according to the agro insurance underwriter of Swiss Re for Eastern Europe, Russia, Ukraine and Kazakhstan, Marcel ANDRIESSE (Senior underwriting Agriculture).
29 November 2018Kazakh National Bank announces tender for vehicle insurance
25 November 2018WTW expanded its presence in Kazakhstan
Global insurance broker Willis Towers Watson (WTW) expanded its presence in Kazakhstan - by opening a new entity to serve clients in "this key Central Asian growth market", as the company officials affirmed in a statement.
15 November 2018KAZAKHSTAN: Standard & Poor's improved its financial rating on EURASIA to BBB-, outlook stable
On November 14 Standard & Poor's announced about improvement of the financial rating of the Kazakh leading insurer EURASIA to BBB-, outlook stable. The insurer has also improved the national rating to kzAAA.
15 November 2018KAZAKHSTAN: based on 3Q2018 results, total assets of the insurance sector went up by 6.8% y-o-y
For 3 quarters this year total assets of local insurers increased by KZT 62.8 billion (+6.8% y-o-y) and reached KZT 988.1 billion. However, growth rates slowed down (vs 8.6% a year ago), according to the data of the National Bank of Kazakhstan.
14 November 2018KAZAKHSTAN: the market leader EURASIA is creating a new life insurer
The leader of the Kazakh insurance sector, EURASIA, is planning to create a new life insurer, according to the business information center Kapital.kz.
8 November 2018KAZAKHSTAN: insurers request the revision of the tariffs in mandatory MTPL insurance
Kazakh insurers request the revision of the tariffs in mandatory MTPL insurance since they hadn't been revised during 10 years and no longer meet the existing market conditions, wrote allinsurance.kz.
8 November 2018KAZAKHSTAN: A.M. Best Affirms Credit Ratings of Nomad Life Insurance Company JSC
6 November 2018KAZAKHSTAN: some provisions of the new law will come into force on January 1
Part of the provisions of the new law "On amendment to some legal acts
of the Republic of Kazakhstan on insurance and insurance activities,
securities market", that was adopted on July 2, 2018, will come into
force on January 1, 2019, including introduction of online insurance.
31 October 2018STATISTICS: KAZAKHSTAN: after 9 months GWP decreased by 0.8% y-o-y
Based on the result after 3 quarters the insurance sector demonstrated a decrease of GWP by 0.8%. At that operating income, as of the beginning of October, went up by 1% and investment income - by 30%, informed abctv.kz.
31 October 2018KAZAKHSTAN: GWP decrease of 1.2% y-o-y for Jan-Aug, while paid claims went up by 5.6%
For the first 8 months of this year, total market GWP amounted to KZT 263.5 billion/~EUR 0.62 billion (- 1.2% y-o-y). Paid claims exceeded KZT 61.9 billion (~EUR 0.14 billion), with a y-o-y increase of 5.6%, reported allinsurance.kz.
18 October 2018KAZAKHSTAN: the market leader - EURASIA, will participate in insurance of the biggest airport in the world
The leader of the Kazakh insurance market, EURASIA, will participate in insurance of the new Istanbul airport, which will become the biggest airport in the world.
11 October 2018KAZAKHSTAN: investments in the financial and insurance sector declined by more than 11% from Jan-Aug, while insurer assets grew by 8%
For 8 months of this year, investments in the financial and insurance sector amounted to KZT 37.1 billion (-11.5% y-o-y). The largest part, almost 100%, of those investments were provided by owners' equity and retained earnings of the businesses, as Finprom.kz reported.
11 October 2018Fitch affirms insurer financial strength rating of Kazakhstan's Asia Life
10 October 2018
