GWP for voluntary health insurance in January-February increased by 36% y-o-y and amounted to KZT 13 billion (~EUR 30.9 million), while its market share (10.4%) remained mostly unchanged compared to previous year, Allinsurance.kz reports.
The insurance industry in Kazakhstan has sound profitability, supported by underwriting and investment results as well as the established regulatory framework, according to the report of S&P.
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').
As the data of the regulator show, in January 2020, total Kazakh market increased by 17% y-o-y, up to KZT 75.4 billion (EUR 0.18 billion).
According to the National Bank of Kazakhstan figures, in 2019 non-life companies' profit decreased by 25.5% to KZT 52.2 billion (~EUR 122.29 million).
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of Halyk-Life, Life Insurance Subsidiary Company of the Halyk Bank of Kazakhstan, JSC (Halyk-Life) (Kazakhstan).
Total profit of the insurance market in 2019 decreased by 0.6% y-o-y, despite its GWP growth, and amounted, according to the regulator, to KZT 78.4 billion (EUR 0.18 billion), Allinsurance.kz reports.
GWP of the Kazakh insurance market increased by about 32% y-o-y in 2019, to KZT 508.5 billion (EUR 1.19 billion), while the net premiums went up even by 43%, as the data, published by the National Bank show.
Kazakhstan's insurance market is showing positive growth dynamics: assets in 2019 increased by 15%, to KZT 1.2 trillion, liabilities - by 13%, up to KZT 653 billion (which is 54% of the total assets), equity increased by 8%, to KZT 553 billion, as Madina ABYLKASYMOVA, the Chairman of the Agency of Kazakhstan for regulation and development of the financial market stated.
According to the data of the National Bank for 11 months of 2019, GWP of travel insurance (voluntary and compulsory together) increased by 208% y-o-y, Allinsurance.kz reports.
On January 1st, 2020, as part of the reorganization of the National Bank of Kazakhstan, an agency on regulation and development of the financial markets started to operate, Allinsurance.kz reported.
As of December 1st, 2019, GWP of the insurance market reached KZT 455.4 billion (~EUR 1.1 billion*), which is 31.2% more y-o-y, reports Allinsurance.kz based on the regulator's data.
According to the Ministry of Health of Kazakhstan, the country is ready to introduce mandatory social health insurance, 97% of the population already being updated in the databases, allinsurance.kz reports.
According to the National Bank of Kazakhstan, from January to October, Motor Hull increased by 31.4% y-o-y, to KZT 21.8 billion (~EUR 50.25 million), and its share in the portfolios of local insurers, as of November 1, 2019, amounted to roughly 8.3%, writes Allinsurance.kz.
S&P Global Ratings assessed the industry and country risk of Kazakhstan's P/C insurance sector as moderately high, as the agency stated in its comments.
As of November 1st, 2019, the share of TOP-5 MTPL insurers out of 17 companies, licensed for this insurance type, amounted to 71.1% of total MTPL GWP volume (vs. about 66% a year ago), indicating increasing concentration in this market, Allinsurance.kz reports based on the National Bank data.
As of November 1, 2019, insurers assets grew by 18% y-o-y and amounted to KZT 1,168.5 billion (EUR 2.69 billion). However, total retained profit dropped by 10.4%, to KZT 69.7 billion (EUR 0.16 billion), as Allinsurance.kz reports.
Kazakhstan's market GWP reached KZT 378.9 billion (+32.1% in local currency; ~ EUR 894.87 million) at the end of third quarter of 2019, National Bank's data show.
The National Bank of Kazakhstan published three advisory measures as a supervisory response, after the analysis of violations of the rights and interests of financial services consumers, committed by insurance companies in the first three quarters of 2019, Allinsurance.kz reports.
S&P Global Ratings assesses insurance industry and country risk as moderately high for the life insurance sector in Kazakhstan (BBB-/Stable/A-3), as stated in the agency's report.