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What is happening in the life insurance market?

Demand for the products of life insurance companies (LICs) is growing in Kazakhstan. The Egemen Kazakhstan newspaper writes about it.
What is happening in the life insurance market?

According to LIC Nomad Life, the share of life insurance sector in GDP in 2020 was 0.3%, in 2022 this figure reached 0.5%. Life insurance products are most often purchased by residents of the capital and Almaty.

With the opening of borders, people are actively buying compulsory travel insurance. Retirement annuity policies are also in demand. “The law that allows concluding joint retirement annuity agreements has been adopted this year. So far, the market expects adoption of the relevant regulatory legal acts from the regulator, after which a new type of insurance will be offered to Kazakhstanis,” the press service of LIC Nomad Life noted.

According to Azamat Yerdessov, the chairman of LIC Freedom Life, Kazakhstanis are also actively buying endowment and travel insurance policies.

According to Zhanar Zhubaniyazova, the Chairman of the Board of LIC Halyk-Life, the number of LIC clients two years ago was one million people. Now this figure exceeds 1.3 million. “If you evaluate the market, men buy LIC policies more often than women. The average amount of insurance premiums for women is 20 million tenge, and for men - 44 million tenge. Most of the clients are family people over forty. They care about their loved ones, therefore invest their accumulated savings in safe financial products,” explained the Board Chairman of LIC Halyk-Life.

Nazym Bekbolatova, the Board Chairman of LIC KM Life, informed that as of September 1, the company collected 13.1 billion tenge of insurance premiums in the class of compulsory employee accident insurance.

Source: https://egemen.kz/article/327041-saqtandyru-naryghynynh-qauqary-qanday

Photos are from open sources.

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