Income of local insurers from Kazakhstan increased by 20.1% y-o-y and reached KZT 212.1 billion (~EUR 0.46 billion*) between January - May 2020. At the same time, expenses increased by only 5.8% (to KZT 149.4 billion), Allinsurance.kz reports based on the data of ranking.kz portal.
From January to April 2020, life GWP amounted to KZT 23.6 billion (~EUR 51.2 million*), which is 15.7% more y-o-y, Allinsurance.kz informed according to ranking.kz. portal.
In 1Q2020, the Kazakhstani insurance market showed an impressive growth in local currency both in total GWP (+36.1%), and separately in the life sector (+55.0%) and non-life (+31.3%), according to the data, published by the National Bank. The positive trend was seen in EUR currency too, the overall market GWP increasing by 16.2%.
S&P Global Ratings today affirmed its 'B+' long-term insurer financial strength and issuer credit ratings on Kazakhstan-based insurer Oil Insurance Co. (NKS). The outlook is stable. At the same time, we affirmed our 'kzBBB' Kazakhstan national scale rating on NSK.
In June this year, life insurers in Kazakhstan will offer unit linked product to their customers. This insurance product is new to this market, Allinsurance.kz reports.
According to a recent report
of S&P Global Ratings, the agency believes that most insurers should be able to absorb COVID related claims and market volatility.
Total income of insurers for the first three months of the year reached KZT 166.81 billion (~EUR 0.34 billion), and net profit tripled y-o-y (KZT 55.34 billion). About 39% of the total income of insurance companies was provided by their investment activities, Allinsurance.kz reports.
In 2019, the insurance market of Kazakhstan saw rapid growth
, supported by life segment, mandatory products, and development of electronic policies for mandatory motor insurance. But, despite its impressive development during the past decade, it is yet to reach maturity, one of the latest AM Best's report
Fitch Ratings affirmed financial strength rating of the Kazakh insurer Standard Life at 'B' and the national rating at 'BBB-(kaz)' with stable outlook, according to the agency's report
, published on April 30.
In February 2020, life insurers of Kazakhstan generated GWP worth KZT 14.8 billion (~EUR 35.2 million), which is 49.2% more y-o-y, as lifeinsurance.kz reports.
The number of vehicles, registered in Kazakhstan during the first two months of 2020, increased by 2.5% y-o-y (to 149,938 units), thus total number of registered passenger vehicles by March 1, 2020, reached 3.8 million units, according to the Kazakhstan's Statistics Committee, Trend reports.
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.