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The life insurance sector in Kazakhstan is growing at an outperforming rate – Financial Institutions’ Association of Kazakhstan (FIAK)

The life insurance sector is growing at an outperforming rate. Thus, the assets of LICs in 2020 increased by 37.7%, the press service of the Financial Institutions’ Association of Kazakhstan reported.
The life insurance sector in Kazakhstan is growing at an outperforming rate – Financial Institutions’ Association of Kazakhstan (FIAK)

Despite the hard time for the state economy, the insurance sector showed strong results in 2020. “For example, the sector's assets grew by 23%. Life insurance remains one of the main growth points for the entire sector (LIC assets grew by 38%, see above). Securities make the sector’s largest share of the asset structure (69% of all assets). The growth of the securities portfolio (+33%) and its positive foreign exchange revaluation led to an increase in the sector's return on investment activities (+67%),” the FIAK report says.

The dynamic transition to a remote format of customer service helped the sector not only maintain the pace of insurance during severe quarantine restrictions, but also contributed to the acceleration of this pace.

At 2020 year-end, the insurance companies attracted premiums for 568.1 billion tenge in total (+12%), and the amount of net insurance premiums grew to 473.8 billion tenge (+12%).

Photos are from open sources.

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