Kazakh insurance market is expecting profound changes in life insurance

In 2018 Kazakh market is expecting significant changes, according to the Chairman of the Management Board of the life insurer NOMAD Life and participant of the commission on amendment of insurance legislation, Kayrat CHEGEBAEV.

Insurers and Financial Institutions' Association of Kazakhstan proposed to let citizens participate in management of their universal life insurance. Insurers consider implementing the most popular product in the world - Unit-linked, i.e. insured's participation in investment. In developed countries Unit-linked has 60% share of life insurance market. Implementation of Unit-linked in Kazakh market will improve development of Kazakh stock market due to that life insurers are one of the main sources of financing for the country's economy.

Insurance market of Kazakhstan is represented by 32 companies, 7 of them have license for life insurance and 25 - for general insurance. Voluntary insurance in Kazakhstan shows rapid growth, including civil liability, Motor Hull and life insurance.

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