Despite the objective reasons, which have negatively affected the life insurance industry in Kazakhstan, life insurance has good prospects for development. The Chairman of the National Bank of the Republic of Kazakhstan, Daniyar Akishev, told about it during an online conference, as reported by a correspondent of Kapital.kz. Business Information Center.
“As for life insurance, then, according to statistics, which I have, there was an increase in amount of payments made by these companies, in 2017. But we need to look at the environment, in which they work, and those changes occurred in the market (insurance. - Ed.),” - he said.
Foremost, slowdown in the field of mortgage lending has had a negative impact on life insurance. Secondly, cash flow in the insurance market flowed in the direction of insurance against accidents, after amendments to the insurance laws adoption in 2015, - the chief banker explained. According to them, compensation for harm to the injured worker is divided between the state, the employer and the insurance organization.
“But I think this market (life insurance - Ed.) will have great opportunities in the future. Most likely, it will depend on the legislative support, tax opportunities,” - Daniyar Akishev added.