"According to the results as of the first quarter of 2018, all insurance organizations started well. There is an increase in premiums in various business segments. There was no market growth in 2017, it was the same as in 2016. But in 2018 there is a revival on the market, the feeling that we have survived a year of stagnation and are ready for new achievements. The market will grow by at least 10 percent. "
According to the expert, the main drivers of growth in 2018 will be life insurance, third-party liability insurance and preparation for the compulsory medical insurance start from January 1, 2019.
In his view, the life insurance market, as an alternative to currency deposits, is now reviving.
"There are products with the rate of return of 3.2 percent, and profitability of the currency deposit is 1 percent. Life insurance companies started actively promoting themselves in marketing, attracting customers", O. Khanin believes.
Another trend in the market is the discussion of methods for combining voluntary and compulsory insurance packages, since compulsory social insurance will be introduced in the country as of January 1, 2019, the company's CEO added.
Source: Interfax-Kazakhstan
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