Kazakhstan Insurance Report 2012

Date: November 22, 2011
Pages: 60
US$ 1,175.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Download

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In past years, we have described Kazakhstan’s insurance sector as being ‘idiosyncratic’. This, in our view, remains a fair descriptor. As is the case in Russia, Ukraine and some broadly comparable countries in the Middle East and North Africa (MENA) region such as Algeria, life insurance remains grossly underdeveloped. Much of the opportunities for non-life insurers are clearly linked to the Kazakh energy industry. The latest figures indicate that premiums are growing quite quickly – but only because of rising nominal GDP.

Unlike in Russia, though, the non-life segment is dominated by voluntary property insurance rather than compulsory medical insurance. Kazakhstan is a rare example of an underdeveloped non-life market where motor-related lines are not dominant. Premiums for voluntary car insurance – CASCO – are surprisingly small. Although the non-life segment is fragmented, it is not characterised by the dozens – indeed hundreds – of minute companies that feature in Russia and Ukraine. Further, consolidation is taking place. In the short-term, though, particular companies are constrained by a lack of capital and by a lack of suitable investments.

The life segment is dominated by annuities: still tiny by most measures, it has developed from virtually nothing. The challenges remain huge. Nevertheless, the hard numbers indicate that it is moving in the right direction. It is possible that our projections for the segment prove to be extremely conservative: however, this is a ‘wildcard’.
Executive Summary
  Table: Total Premiums, 2008-2016
Key Insights And Key Risks
SWOT Analysis
Kazakhstan Insurance Industry SWOT
Central And Eastern Europe Life Sector Overview
  Table: Central And Eastern European Life Premiums, 2009-2016 (US$mn)
Kazakhstan Life Sector Update
  Table: Rankings Of Insurance Companies By Gross Written Premiums, Jan-July 2011
Life Industry Forecast Scenario
  Table: Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
  Table: Insurance Key Drivers, Demographics 2008-2016
Central And Eastern Europe Non-Life Sector Overview
  Table: Central And Eastern European Non-Life Premiums, 2008-2016 (US$mn
Kazakhstan Non-Life Sector Update
  Table: Gross Written Premiums Of Kazakhstan’s Insurance Sector, Jan-July 2011 (KZTmn)
Non- Life Industry Forecast Scenario
  Table: Non-Life Premiums, 2008-2016
Macroeconomic Outlook
  Table: Kazakhstan Economic Activity, 2008-2015
Political Stability Outlook
  Table: Europe Security Risk Ratings
  Table: Insurance Key Drivers, Disease Adjusted Life Years 2005-2015
  Table: Insurance Key Drives, 2008-2016
Insurance Risk/Reward Ratings
  Table: Kazakhstan’s Insurance Risk/Reward Ratings
  Table: Central And Eastern Europe Insurance Risk/Reward Ratings
Competitive Landscape
Competitive Landscape Analysis
Major Players In Kazakhstan’s Insurance Sector
Company Profiles
Regional Company Profiles
BNP Paribas Cardif
Vienna Insurance Group
BMI Methodology
Insurance Risk/Reward Ratings
  Table: Insurance Risk/Reward Indicators And Rationale
  Table: Weighting Of Indicators
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