There are already 9 life insurance companies operating in Kazakhstan. However, penetration of insurance services in the country is low, therefore, the regulator, together with the market, is working on legislative amendments that will contribute to the popularization of endowment insurance. This will help the LIC industry overcome its dependence on the banking sales channel. The new life insurance company is focusing on the corporate sector though.
“Our strategy involves incremental growth, as the life insurance market has great potential. Over the years the Centras group has developed a solid corporate base of clients whom we will be offering our new products. We will also be engaged in compulsory insurance of workers against industrial accidents (CAI). According to our estimates, this market is only 60% covered, this sector is obviously not fully insured so we still can grow and develop in this direction. Despite low coverage, the volume of insurance premiums in this class is annually growing. As of 2019, this index exceeded 39 billion tenge with an increase of 41%,” said Gulzhan Dzhaksymbetova, the Board Chairman of LIC Centras Kommesk Life.
IC Kommesk-Umir has been operating in the Kazakhstan market since 1991 being a part of the Centras group. The structure has long become one of the largest asset managers in Kazakhstan. Kommesk-Umir has 17 regional offices located in large administrative centers of Kazakhstan.
