The solvency ratio of the insurance sector as of July 1 of this year was 4.6 with a minimum value of 1, although it decreased compared to the beginning of 2022 under the influence of external shocks (as of January 1, 2022 - 6.3).

It was noted on July 19 at a meeting of the Agency of the Republic of Kazakhstan for Regulation and development of the financial market with the heads of insurance organizations, Allinsurance.kz reports with reference to the ARDFM.

The assets of insurance organizations for the first six months of 2022 increased by 7.7% to KZT 2.0 trillion (~EUR 4.12 billion), and GWP increased by 6% to KZT 395 billion.

The meeting participants discussed the 1H results and agreed that the insurance sector has maintained its financial stability and demonstrated resistance to external geopolitical risks.

During the meeting, the Agency, the National Bank of the Republic of Kazakhstan, and the Association of Financiers of Kazakhstan reached an agreement to develop common conceptual approaches for the transition of insurance companies from 2023 to International Financial Reporting Standard 17.

Source: ARDFM (Agency for Regulation and Development of the Financial Market of Kazakhstan).

*EUR 1 = KZT 485.27 (01.07.2022)