Kazakhstan

Location:
Central Asia, northwest of China; a small portion west of the Ural (Zhayyq) River in eastern-most Europe

Climate:
continental, cold winters and hot summers, arid and semiarid

Natural hazards:
earthquakes in the south; mudslides around Almaty

Currency: Tenge (KZT)
1 EUR = 221.97 Tenge - KZT (December 31st, 2014)
1 EUR = 211.17 Tenge - KZT (December 31st, 2013)
1 EUR = 199.22 Tenge - KZT (December 31st, 2012)
1 EUR = 191.72 Tenge - KZT (December 31st, 2011)
1 EUR = 195.23 Tenge - KZT (December 31st, 2010)

Sources:
National Bank of Kazakhstan
Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations

Insurance statistics

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FY2016
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FY2015
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1H2014Insurance market overview pdf
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FY2013Insurance market overview pdf
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FY2012Insurance market overview pdf
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FY2011Insurance market overview pdf
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1H2011Insurance market overviewpdf
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2010Insurance market overviewpdf
2010Market portfolio and rankingsxls
2009Insurance market overviewpdf
2009Market portfolio and rankingsxlsx
1H2010Kazakh insurance market overviewpdf
1H2010Market portfolioxls
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1H2017 Market portfolio

1H2017 Insurance Companies Rankings

Insurance market of KAZAKHSTAN slows down each year

With the motorization growth in of the population, the dynamics of compulsory insurance premiums on of civil liability of vehicle owners slows down each year. According to statistics, the growth of premiums in this segment amounted to 10% in 2012-2013, in 2013-2014 it showed a decline of 2.3%. Experts say that the decreasing tendency in collection of insurance premiums on compulsory insurance of civil liability of vehicle owners continues. At the same time, the costs of insurance companies for payments are growing. Over the past three years, this figure has increased by 24%. According to experts, these changes are already making adjustments to the development of the market.

KAZAKHSTAN: Insurance market will start working within the new legal framework

In 2016, the insurance market of Kazakhstan will start working within the new legal framework. In particular, starting from 2016 legislative amendments will come into force establishing a single procedure for assessing damages in an accident. The insurer will be obliged to independently assess the damage of the vehicles without independent appraisers, in accordance with the legal act of the National Bank of Kazakhstan. According to the market participants, this new rule will significantly reduce the percentage of fraudulent schemes during the calculation of property damage assessment.