KAZAKHSTAN: Fitch Forecasts Kazakh Insurance Market Growth At Double-Digit Rates

Kazakh insurance market is forecast to grow at double-digit rates in 2017-2021, given the recovering Kazakh economy and the current low levels of insurance penetration, the International Rating Agency Fitch Ratings said in a new report called "Kazakh Insurance: Growth Potential but Challenging Operating Environment".

Fitch noted that the insurance penetration rate (gross written premiums as a percentage of GDP) in Kazakhstan is low by international standards.
"After a dip in 2014, non-life penetration recovered to 0.58 percent of GDP in 2016. The penetration rate in life insurance is even lower, only 0.12 percent of GDP. This leaves significant growth potential for the Kazakh insurance sector," the rating agency said. Read the full story

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