bs-preloader__icon
ru kz en

Life insurance in Kazakhstan is booming, according to FIAK

Life insurance in Kazakhstan is booming amid growing interest in retirement savings. The analytical center of FIAK presents to your attention an overview of the insurance sector in Kazakhstan for the 1st quarter of 2021.
Life insurance in Kazakhstan is booming, according to FIAK

The insurance market assets increased by 19% in the first quarter of 2021 compared to the same period last year and by 9% compared to 2020. Life insurance companies (LICs) rising at an outstripping pace of +31%, have become the growth driver, while the assets of general insurance companies have increased by 10-12%.

Insurance premiums are performing positive dynamics (growth by 34% against the background of recovery of economic activity and increase in demand for LIC products from 60 to 102 billion tenge (+70%), in particular, retirement annuity and endowment insurance with participation in profits.

The ratio of premiums to payments by LICs is 8%. More than half of companies exceed the average market level of payments. Claim payments by type of activity in period under review presented by LICs were 41%.

“Recovery of business activity and relaxation of restrictive measures will promote the insurance market growth. Market activity will be induced by a further increase in demand for LIC products, as well as growth of general insurance product consumption, including real estate and transport insurance (CNC), Mandatory Insurance of Civil Liability of Motor Vehicle Owners,” they concluded in Financial Institutions’ Association of Kazakhstan.

Photos are from open sources.

Share
read also
Nomad Life continues to participate in the development of actuarial profession in Kazakhstan
Nomad Life continues to participate in the development of actuarial profession in Kazakhstan

For three years the Society of Actuaries of Kazakhstan and life insurance company Nom...

Why is it useful to drink water on an empty stomach?
Why is it useful to drink water on an empty stomach?

Drinking water on an empty stomach has a positive influence on the body, writes RIA N...

Deposits in LICs are more profitable than deposits - Ranking.kz
Deposits in LICs are more profitable than deposits - Ranking.kz

As of year beginning, 9 life insurance companies (LICs) are operating in Kazakhstan. ...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application