Kazakhstan Life Insurance Segment to Increase at a CAGR of 12.8% through 2016, Expects Timetric14 Jan 2013 • by Natalie Aster
The Kazakh insurance industry grew during the review period in written premium value at a CAGR of 3.7%. With 69.2%, it was the non-life insurance segment which accounted for the largest share of total written premiums in 2011, though it did experience a decline at a CAGR of 2.6% during the review period. The life insurance segment, which registered a strong CAGR of 85.4%, is accountable for overall expansion in the insurance industry. The personal accident and health insurance segment also increased in written premium value during the review period, growing at a CAGR of 19.6%.
Over the forecast period (2012–2016), the Kazakh insurance industry is projected to maintain an increase in written premium value, at a CAGR of 12.8%. According to the report “The Insurance Industry in Kazakhstan, Key Trends and Opportunities to 2016” by Timetric the life insurance segment is also expected to increase over the forecast period at a CAGR of 27.4%.Within the life segment, general annuity insurance is predicted to retain its position as the largest category over the forecast period, with projected growth at a CAGR of 29.5%. Growth is also expected in the non-life insurance segment at a CAGR of 6.4%, with the property insurance category forecast to retain the principle market share. The motor insurance category is expected to follow as the second largest category within the non life segment. The personal accident and health insurance segment is expected to grow at a CAGR of 18.3%, within which the health category will remain the largest, growing at a CAGR of 21.7%.
The Insurance Industry in Kazakhstan, Key Trends and Opportunities to 2016
Published: November, 2012
Price: US$ 1,950.00
The overall Kazakh insurance market is moderately concentrated, with the top 10 companies accounting for 60% of overall gross written premiums in 2011. Leading insurance company Halyk Kazakhinstrakh occupied a 12.3% market share of overall gross written premiums in 2011. The next three leading companies are Eurasia Insurance Company with a market share of 11.7%, Nomad Insurance with 6.1%, and Kazkommerts-Policy with 5.6 %.
An increase in GDP and strong economic growth will support the enlargement of the Kazakh insurance industry. According to forecasts by the International Monetary Fund, Kazakhstan’s GDP is expected to grow over the forecast period at a CAGR of 6.1%.
Expansion will result from an increasing demand for automobiles and subsequent compulsory third-party motor insurance and general annuity insurance.
More Insurance Market Research Reports by Timetric are Also Available:
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More information can be found in the report “The Insurance Industry in Kazakhstan, Key Trends and Opportunities to 2016” by Timetric.
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