During Q1 2018 Kazakh insurers' GWP grew only by 2.78% y-o-y, while claims dropped by 13.44%. Life insurance saw the best growth rate (+13%), while non-life had a rather moderate increase (+1.19%), according to National Bank of Kazakhstan's data.
Property insurance in Kazakhstan is accelerating rates of decline. During the Q1 the class generated premiums 11% less than a year ago. At that during the Q1 2017 this class decreased by 4%, as informed analytical service Finprom.kz.
Kazakhstan's Eurasia insurance company took part in reinsurance of construction and installation risks of the bridge construction project across the Kerch Strait with a share of responsibility of about 900 million rouble. On May 15, 2018, the Crimean Bridge was opened by the Russian President Vladimir Putin.
During the first 4 months of 2018 the Kazakh market reached new peak - more than 1,000 of MTPL payments per month to car owners by the market leader - EURASIA (vs around 600-700 monthly payments in 2017).
A.M. Best has affirmed the Financial Strength Rating of C+ (Marginal) and the Long-Term Issuer Credit Rating of "b-" of JSC Insurance Company Centras Insurance (Centras) (Kazakhstan). The outlook of these Credit Ratings (ratings) remains stable.
A.M. Best international rating agency upgraded ratings of Insurance Company Kommesk-Omir - Financial Strength Rating from C++ to B- and the Long-Term Issuer Credit Rating from "b+" to "bb-". Outlook "Stable". According to ratings, Kommesk-Omir is one of top 5 insurance companies that operate in general insurance field.
According to results of March the volume of insurers' net profit reached almost KZT 13 billion (EUR 33.14 million), a year ago this figure amounted to KZT 1 billion (EUR 2.96 million)* - said analytical portal about business and finance Finprom.kz.
FITCH Ratings affirmed Kazakhstan's long-term foreign-currency issuer default rating (IDR) at 'BBB" with a Stable Outlook which reflects strong public and external balance sheets due to large government savings and a substantial sovereign net foreign asset position.
S&P Global Ratings assesses industry and country risk in the Kazakh non-life sector (-/Stable/-3) as moderate, which reflects high country risk resulting from a highly centralized political environment and moderate GDP growth.
Insurance market of Kazakhstan saw growth in the beginning of the year. Overall written premiums grew by 69.7%, while in the same period of 2017 also had an up-trend by 49.6%, - says Kazakh internet data portal Allinsurance.kz.
A.M. Best has affirmed the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of "b+" of Insurance Company London-Almaty JSC (London Almaty) (Kazakhstan). The outlook of these Credit Ratings (ratings) is stable.
On March 3, 2018 Oil Insurance's (NSK) license to write obligatory insurance business was suspended for three months, following procedural violations and capital adequacy breaches the previous year.
FITCH Ratings assigned Kazakhstan-based Life Insurance Company STANDARD
Life an Insurer Financial Strength (IFS) Rating of 'B' and a National
IFS Rating of 'BBB-(kaz)'. The Outlooks are Stable.
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.
On 19-20 April, 2018, leading world risk management experts will address the Kazakhstan's audience at the annual XIV International Risk Management Conference held by Eurasia IC JSC in Almaty at The Ritz-Carlton Hotel.
The Kazakh insurance market totaled KZT 370.17 billion (about EUR 930 million) in 2017 up by 3.72% than a year before, as showed by the year-end figures published by NBK.
A.M. Best has revised the
outlooks to stable from negative and affirmed the Financial Strength
Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) (Kazakhstan).
S&P Global Ratings revised its outlook on Kazakh Grain Insurance Co. JSC to stable from developing. At the same time, S&P affirmed 'B' long-term issuer credit and insurer financial strength ratings, as well as 'kzBB+' national scale rating on the company.
A.M. Best has affirmed the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of "b+" of JSC IC Kazkommerts-Policy (Kazkommerts-Policy) (Kazakhstan). The outlook of these Credit Ratings (ratings) is stable. Kazkommerts-Policy is a majority owned subsidiary of JSC Kazkommertsbank (Kazkommertsbank), which in turn is owned by JSC Halyk Bank (Halyk Bank), a leading retail bank in Kazakhstan.