MARKETS & TRENDS

Welfare Insurance. The Purpose of Insurance is to reach the last man in society

As we all know the history of insurance, the purpose of insurance was to protect ship-owners in time of difficulty. But we do not have data to validate how much ship-owners population was covered. I received many emails after the first thoughts on welfare insurance were out. While interacting with some intellectuals, a point came up that the penetration of insurance is low, because of the cost.

Welfare Insurance & CIS Region

Although Welfare Insurance is a new term, it is requirement that needs to be addressed on a priority bases. Financial inclusion, mass health and mass accident policies, mass/ group life insurance policies, agriculture & cattle insurance, etc. are common in insurance industry.

Business interruption (BI) is top global business risks according to Allianz Risk Barometer 2016

The impact of business interruption (incl. supply chain disruption), market developments (volatility, intensified competition and market stagnation) and cyber incidents are the major risks occupying the attention of companies at the start of 2016, according to the fifth annual Allianz Risk Barometer, which surveys over 800 risk managers and corporate insurance experts from more than 40 countries.

How can Kazakhstan become competitive in the WTO?

Kazakhstan's accession to the World Trade Organization (WTO) - is definitely a landmark event that will allow using the trade potential of the country with maximum benefits in the era of globalization. However, it is also important to protect the local market, including insurance one. According to Kazakh Association of Insurers (ASK), the competitiveness of domestic insurance market must be assessed not only in terms of business scale, the size of capital and assets, but also from the standpoint of equal or equivalent regulatory requirements.

Cyber risks - expected to develop fast driven by the increasing interconnectivity of business

"The cyber insurance market is currently estimated to be worth around USD 2 billion in premium worldwide, with US business accounting for approximately 90%. Fewer than 10% of companies are thought to purchase cyber insurance today. However, the cyber insurance market is expected to grow by double-digit figures year-on-year and could reach USD 20 billion+ in the next 10 years," states the recent study released by ALLIANZ, "A Guide to Cyber Risk: Managing The Impact of Increasing Interconnectivity".

Market for motor third party liability insurance in selected countries of South East Europe

The motor third-part liability insurance represents the most important insurance line of business, both in the developed and the developing countries. The legal framework, premium and reserving based on actuarial projections, guarantee funds, information systems, and reinsurance techniques all are crucial for the development of a healthy MTPL insurance system.