Kazakhstan
KAZAKHSTAN: 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 2021KAZAKHSTAN: in 2020 non-life insurers received profit from insurance activities, while life insurers recorded a loss
In 2020, according to the data collected from insurance companies, income of the insurance sector in Kazakhstan increased by 18.5% y-o-y to KZT 589 billion (~EUR 1.14 billion*). At the same time, investment income increased by 40% to KZT 128 billion, and income from insurance - by 12.8% to KZT 458.1 billion, writes Allinsurance.kz.
4 February 2021KAZAKHSTAN: after 11 months of 2020, life insurance maintains the best dynamics, having increased its share in the market portfolio to almost 40%
From January to November 2020, GWP of the Kazakh insurance market increased by 11% y-o-y, Allinsurance.kz reports.
20 January 2021KAZAKHSTAN: new benchmarks for market development to make competition more transparent and fairer
In 2021, development of the insurance market in Kazakhstan will follow the benchmarks formed by the pandemic - among them active development of online insurance, infrastructure, and digital marketing. "This will help to make competition between companies more transparent and fairer", said Anna NEKRYUKOVA, Deputy Chairman of the Board of Amanat for Kapital.kz.
11 January 2021AM Best Affirms Credit Ratings of Halyk Insurance Company of Halyk Bank of Kazakhstan, JSC
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of Halyk Insurance Company of Halyk Bank of Kazakhstan, JSC (Halyk Insurance) (Kazakhstan). The outlook of these Credit Ratings (ratings) is negative.
7 January 2021KAZAKHSTAN: Basel Insurance assigned 'B' ratings by S&P, outlook stable
S&P Global Ratings assigned on December 21 its 'B' long-term insurer financial strength and issuer credit ratings and 'kzBB+' national scale rating to Kazakhstan-based Basel Insurance company. The outlook is stable, the agency's press-release said.
22 December 2020KAZAKHSTAN: Daniyar ZHANBEKOV to become the new owner of Basel insurance company
The Agency for Financial Supervision of Kazakhstan issued a consent to businessman Daniyar ZHANBEKOV to acquire the status of a major participant in the Basel insurance company (ex. Kaspi Insurance). The sale should end no later than March 31, 2021, Allinsurance.kz reports according to Zakon.kz.
15 December 2020KAZAKHSTAN: Fitch Ratings: the market is largely recovering after difficult second quarter
After a decline in 2Q2020, the insurance market of Kazakhstan is demonstrating resilience to the effects of the pandemic crisis with GWP largely recovering in 3Q2020, as Fitch Ratings noted in the report, published on November 12.
17 November 2020STATISTICS: KAZAKHSTAN, 3Q2020: Over 60% of GWP growth was provided by life insurers
During the first three quarters of 2020, the GWP volume in Kazakhstan insurance market increased by 8.5% y-o-y, to KZT 411.3 billion (~EUR 819 million*), according to data published by the country's National Bank. At the same time, over 60% of the market GWP growth was provided by life insurers, their share in the market premiums increasing by 2.1 percentage points to 38.5%.
12 November 2020KAZAKHSTAN: Insurers' January-September income increased by almost 25% y-o-y
From January to September 2020, the income of insurers in Kazakhstan increased by 24.6% y-o-y, to KZT 428.6 billion (~EUR 0.85 billion*), Allinsurance.kz reports.
11 November 2020KAZAKHSTAN: the share of civil liability insurance of tour operators and travel agents in compulsory insurance due to the crisis decreased to 0.5%
Civil liability insurance of tour operators and travel agents in Kazakhstan for January-August 2020 decreased fourfold y-o-y and the segment's share in the total compulsory GWP dropped from 2.3% to 0.5%, which is explained by the impact of restrictions imposed due to the pandemic, Allinsurance.kz informed.
28 October 2020KAZAKHSTAN: Fitch: Kazakhmys Insurance's IFS affirmed at 'BB-', Outlook Negative
Fitch Ratings has affirmed Insurer Financial Strength (IFS) Rating at 'BB-' and National IFS at 'BBB+(kaz)' (outlooks negative) of the Kazakhmys Insurance Company (Kazakhstan), according to the agency's report, published on October 16.
20 October 2020KAZAKHSTAN: almost half of the compulsory employee accident insurance GWP comes from two life insurers
Almost half of the premiums under compulsory employee accident insurance in Kazakhstan from January to August 2020 were collected by two companies - NOMAD Life and HALYK-Life, allinsurance.kz reported.
20 October 2020KAZAKHSTAN: for 8 months of 2020, voluntary personal accident insurance increased by 18% y-o-y
From January to August 2020, voluntary personal accident insurance in Kazakhstan increased by 18% compared to the same period in 2019, Allinsurance.kz reports.
29 September 2020KAZAKHSTAN: New bill concept provides a number of long-awaited changes for the insurance market next year
The insurance market regulator came up with an initiative to develop a draft law "on amendments and additions to certain legislative acts of the Republic of Kazakhstan on regulation and development of the insurance market and securities market" in order to update the legislation and make changes on problematic market issues, according to the Association of Financiers of Kazakhstan (AFK).
9 September 2020KAZAKHSTAN: Voluntary health insurance increased by 7% y-o-y in 1H2020
In 1H2020, GWP under voluntary health insurance amounted to KZT 22.2 billon (~EUR 49 million*), which is 7% more y-o-y. The share of the class in voluntary personal insurance reached 22.1%. At the same time, paid claims under voluntary health insurance decreased by 15.2%, to KZT 10.3 billion, Allinsurance.kz reports.
27 August 2020STATISTICS: KAZAKHSTAN, 1H2020: Voluntary insurance increased by more than 13% y-o-y, while compulsory segments decreased slightly
In 1H2020, the insurance market of Kazakhstan grew by 10% y-o-y (in local currency), the overall market GWP amounting to about KZT 280.48 billion (~EUR 616 million*).
20 August 2020
