Kazakhstan Insurance Market Intelligence: 2011 Edition

Date: January 23, 2011
Pages: 22
US$ 600.00
Publisher: Koncept Analytics
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Kazakhstan Insurance Market Intelligence: 2011 Edition
The economy of Kazakhstan is mainly driven by its oil and gas resources. The rising international demand for crude oil has not only benefited the national economy but has also resulted in an increase in the per capita income, and non-food categories like property and automobiles. Growing GDP, national income and the subsequent improved standard of living, development of social insurance for the underprivileged, and rising population has helped drive the insurance segment, particularly non-life business in Kazakhstan in the last few years. The life insurance segment of Kazakhstan is still in its nascent stage and it accounts for a very small share of the domestic insurance market.

The insurance industry of Kazakhstan has shown tremendous growth over the period of 2002-2007. However, this growth has been following a negative trend since the past two years, mainly due to the slowdown of national economy and a subsequent fall in the country's banking and corporate sectors' business activity.

The life insurance segment accounts for a minimal share of the overall insurance industry, primarily because of the meek faith of the people of Kazakhstan in using local financial institution as a medium of long-time savings and investment. The non-life insurance segment, on the other hand, constitutes the major part of the Kazakh insurance industry; however, the segment has been registering a fall since the past two years due to the effects of global financial crisis and a decline in the voluntary property insurance.

1.1 Industry Structure
  1.1.1 Less developed nature of insurance industry
  1.1.2 Lesser number of insurance products being offered; large population uninsured
  1.1.3 Supervised by Financial Supervision Agency of Kazakhstan (FSA)
1.2 Market Overview Global economic crisis led to decline in overall premiums in 2009 vs 2008 Low penetration offers huge opportunity to expand
  1.2.2 Market Segments Life Segment at Nascent Phase, Limited Awareness Non-life segment dominated by property insurance & mandatory MTPL
  1.2.3 Market Share Eurasia as largest insurance company dominating the insurance market Allianz Kazakhstan dominated property insurance segment
  1.2.4 Market Density & Penetration Decline in both insurance density and penetration in 2009 Life insurance considered as “voluntary product”, less demand


2.1 Industry Developments
  Increase in Capital Requirements for Insurers
  Memorandum to Ease Relation between Insurers and Their Customers
  Amendments to the Legislation
  Kazakh Companies to Offer Takaful Insurance by 2015
2.2 Market Drivers
  Growing Economy
  Rising Healthcare Expenditure


3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections


4.1 Recovery of the economy, awareness of insurance products positively affecting premiums


Kazakhstan: Annual Insurance Premium: 2002-2009
Kazakhstan Insurance Industry Premium: Q1 09 vs. Q1 10
Kazakhstan Insurance Premium Share (%) by Segment: 2009
Kazakhstan Insurance Premium by Segment (Life & Non-Life): 2004-2009
Kazakhstan Insurance Premium Growth Trend by Segments - US$ terms: (2005 - 2009)
Kazakhstan Non-life Insurance Premium Share (%) by Segment: 2009
Kazakhstan Life Insurance Premium Share (%) by Segment: 2009
Kazakhstan Insurance Premium Share (%) by Segment: 2009
Kazakhstan: Major Insurers’ Market Share: 2009
Kazakhstan Insurance Density: 2002 – 2009
Kazakhstan Insurance Penetration: 2002 – 2009
GDP Growth of Kazakhstan: 2002 – 2009
Kazakhstan Healthcare Insurance Premium: 2007-2009
Forecast: Kazakhstan Insurance Industry: 2009A - 2013F
Forecast: Kazakhstan Life & Non-Life Insurance Industry: 2009A - 2013F


Expected Healthcare Expenditure in Kazakhstan: 2009-2014
Key Macroeconomic Indicators: 2009A – 2014F
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