Kazakhstan
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STATISTICS: KAZAKHSTAN, 1H2022: life insurance business' decline continues, premiums dropping by 18% y-o-y
In the first half of 2022, the insurance sector of Kazakhstan grew by 4.03%, to KZT 445.89 billion (EUR 912.31 million). At the same time, insurers' paid claims, in contrast to premiums, jumped by more than 36%, reaching KZT 80.81 billion (EUR 165.35 million), according to data published by the National Bank.
11 August 2022KAZAKHSTAN: Assets of insurance organizations for the first half of the year increased by 7.7% to KZT 2.0 trillion (~EUR 4.12 billion)
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).
29 July 2022KAZAKHSTAN: over the past five years, insurance sector's assets have doubled
The assets of insurance companies have doubled over the past 5 years to KZT 1.8 trillion and reached 2.3% of GDP, which is associated with an increase in GWP, according to the Concept for the Development of the Financial Sector of Kazakhstan until 2030.
7 July 2022KAZAKHSTAN: the events of the first quarter led to an increase in insurance claims
In the first quarter of 2022, insurers received losses due to volatility in the foreign exchange market of Kazakhstan, Allinsurance.kz wrote with reference to Azamat KERIMBAYEV, Advisor to the Chairman of the Board of Freedom Insurance.
27 June 2022KAZAKHSTAN: new draftlaw to ensure dynamic growth and development of the insurance market
On June 09, 2021, the Chairman of the Agency of the Republic of Kazakhstan for the regulation and development of the financial market, Madina ABYLKASYMOVA, presented the draft Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Regulation and Development of the Insurance Market, the Securities Market, and Banking", reports Allinsurance.kz.
15 June 2022KAZAKHSTAN: in April 2022, insurance sector's assets decreased by 0.7% to KZT 1.9 trillion
In April 2022, the assets of the insurance sector decreased by 0.7% and as of May 1 amounted to KZT 1.9 trillion (EUR 4.02 billion). The decrease in assets in April was mainly due to a decrease in cash and deposits placed in second-tier banks, according to the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan.
15 June 2022STATISTICS: KAZAKHSTAN, 1Q2022: life insurance shrunk by 17% y-o-y
The first quarter of 2022, the insurance sector of Kazakhstan ended with an increase of 6.57%, reaching KZT 231.91 billion (EUR 454.22 million). Unlike premiums, paid claims increased by more than 34% y-o-y, as the data published by the National Bank show.
8 June 2022KAZAKHSTAN: voluntary property insurance grew by 24% y-o-y in the first quarter
High demand for property insurance against additional risks in the first quarter of 2022 allowed insurers to increase GWP in voluntary property insurance by 24% (or KZT 12.8 billion/EUR 24.71 million), Allinsurance.kz writes with reference to FREEDOM FINANCE INSURANCE.
26 May 2022KAZAKHSTAN: the share of insurance in the country's GDP in 2021 was 3%
At the end of 2021, the share of the insurance sector of Kazakhstan in the country's GDP amounted to 3%, and in the next 5 years, insurance can increase its profitability by 2 times, Allinsurance.kz wrote with reference to finreview.info.
3 May 2022KAZAKHSTAN: S&P: sovereign credit rating of the Republic of Kazakhstan remains at BBB-, outlook stable
On April 1, 2022, S&P announced preservation of the sovereign credit rating of the Republic of Kazakhstan at BBB- with a stable outlook, Allinsurance.kz reports with reference to the National Bank of Kazakhstan.
11 April 2022KAZAKHSTAN: S&P affirms sovereign credit rating of the Republic of Kazakhstan at BBB-, outlook stable
On March 4, 2022, S&P affirmed sovereign credit rating of the Republic of Kazakhstan at BBB- with a stable outlook, Allinsurance.kz portal reports with reference to the National Bank of Kazakhstan.
8 March 2022KAZAKHSTAN: four insurers placed under extreme supervision in 2021
In 2021, in Kazakhstan extreme supervision was established for 4 insurers, intensive supervision for 6, detailed supervision - 6, monitoring - 3, standard supervision - 9.
21 February 2022KAZAKHSTAN: insurance sector's assets up 23% in 2021
In 2021, the assets of insurance (reinsurance) companies in Kazakhstan increased by 23% and as of January 1, 2022, amounted to KZT 1.8 trillion (~EUR 3.69 billion*), Allinsurance.kz reports referring the data from the Agency of the Republic of Kazakhstan for the regulation and development of the financial market (ARRFR).
15 February 2022STATISTICS: KAZAKHSTAN, FY2021: insurers' business expanded by more than 43% y-o-y (in local currency)
At the end of 2021, the insurance sector of Kazakhstan recorded an increase of 43.42% y-o-y, to KZT 814.81 billion (EUR 1.67 billion). At the same time, insurers' paid claims fell by almost 13% to KZT 130.60 billion (EUR 267.75 million), according to data published by the National Bank.
7 February 2022KAZAKHSTAN: in 2021, the insurance sector saw a recovery growth in all key parameters
According to the National Bank, as of December 1, 2021, there were 27 insurance (reinsurance) organizations operating in Kazakhstan, their total assets amounted to almost KZT 1.78 trillion/EUR 3.60 billion*. GWP collected as of this date amounted to KZT 725 billion, liabilities - approximately KZT 1.05 trillion (including KZT 871.26 billion of insurance reserves), Allinsurance.kz writes citing inbusiness.kz.
25 January 2022KAZAKHSTAN: Ministry of Health: The number of uninsured population is still high at 20%
The number of uninsured population in Kazakhstan is still very high and amounts to 20% of the country's population, as reported by the Vice Minister of Health of the Republic of Kazakhstan Asem NUSUPOVA,
31 December 2021KAZAKHSTAN: assets of the insurance market from January to October grew by more than 17% y-o-y
Total assets of insurance (reinsurance) companies in Kazakhstan for 10 months increased by 17.5% and as of November 1, 2021, amounted to KZT 1.75 trillion (~EUR 3.54 billion*). This is mainly due to the growth of insurance premiums and their investment in securities, Allinsurance.kz reports based on the data of the National Bank.
8 December 2021STATISTICS: KAZAKHSTAN, 3Q2021: GWP shows impressive growth (47% in local currency) amid a decline in paid claims
From January to September 2021 GWP increased by 47.09% to KZT 604.95 billion (~EUR 1.22 billion). Significant growth was observed in all insurance segments, and the most impressive one can be noted in life insurance (more than 94%), GTPL, cargo insurance and accidents insurance, based on the data published by the National Bank.
10 November 2021KAZAKHSTAN: conference "Anti-fraud in motor insurance": the level of fraudulent payments reaches 20% of all paid claims in motor insurance
In October, a practical conference "Anti-fraud in motor insurance" was held in Almaty, during which speakers and participants discussed a number of topical issues on counteracting unfair practices in motor insurance, Allinsurance.kz reports.
8 November 2021KAZAKHSTAN: from the beginning of the year to October, Halyk-Life collected record GWP in the entire history of the life insurance market
Despite the pandemic, from the beginning of the year to October 27, 2021, Halyk-Life collected record GWP in the entire history of the life insurance market: over KZT 100 billion (~EUR 0.2 billion*), which is 88% more y-o-y. According to the National Bank, the insurer occupies a third of the market in terms of GWP, Kapital.kz reports.
1 November 2021
