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Market Research Report

Strategic Market Intelligence: Insurance Industry in Kazakhstan - Key Trends and Opportunities to 2023

Published by GlobalData Product code 881705
Published Content info 99 Pages
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Strategic Market Intelligence: Insurance Industry in Kazakhstan - Key Trends and Opportunities to 2023
Published: June 24, 2019 Content info: 99 Pages
Description

The Kazakhstani insurance industry's GWP grew at a review-period (2014-2018) CAGR of 9.7%. The life segment accounted for 23.2% of the industry's GWP in 2018, after growing at a review-period CAGR of 17.4%. The general insurance segment grew at a review-period CAGR of 7.8%. The industry is expected to value KZT531.5 billion (US$1.6 billion) in 2023, after recording a forecast-period (2018-2023) CAGR of 6.7%.

Term life insurance accounted for 61.3% of the life segment's GWP in 2018. General insurance was dominated by motor insurance, constituting 28.4% of its GWP that year; it is expected to grow at a CAGR of 8.3% over the forecast period. Property and liability were the second and third largest insurances, with respective shares of 26.4% and 23.9% in 2018.

100% FDI is permitted in the insurance industry. The general segment was moderately concentrated, with the top five insurers comprising 60.7% of general GWP in 2018, while the top 10 accounted for 78.0%. The life segment was concentrated, with the top five insurers comprising 98.1% of life GWP in 2018. Domestic insurers dominated the industry.

Effective from January 1, 2019, travel insurance is mandatory for tourists travelling abroad via travel agents. The law requires travel agents to arrange for insurance to cover accidents resulting in death or injury and/or sudden acute illness or health deterioration that requires emergency medical assistance. However, tourists travelling abroad without the participation of a travel agent are not obliged to obtain insurance policies unless the law of the foreign country requires such policies.

The report "Strategic Market Intelligence: Insurance Industry in Kazakhstan - Key Trends and Opportunities to 2023", report provides a detailed outlook by product category for the Kazakhstani insurance industry, and a comparison of the Kazakhstani insurance with its regional counterparts. It provides values for key performance indicators such as written premium, loss ratio, and penetration during the review period (2014-2018) and forecast period (2018-2023). The report also gives a comprehensive overview of the Kazakhstani economy and demographics, and provides detailed information on the mergers and acquisitions in the country.

The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country.

The report provides -

  • Key insights and dynamics of the Kazakhstani insurance industry
  • A comprehensive overview of the Kazakhstani economy, government initiatives, and investment opportunities
  • Details of the mergers and acquisitions

Companies mentioned: Freedom Finance Life JSC, European Insurance Company, Insurance Company Tsesna Garant JSC, Insurance Company London-Almaty JSC, Joint Stock Company European Insurance Company, JSC Company on life insurance NOMAD LIFE, JSC FIC Halyk-Kazakhinstrakh, JSC IC Amanat, JSC IC ASKO, JSC IC Centras Insurance, JSC IC Eurasia, JSC IC Kazakhmys, JSC IC Kompetenz, JSC IC Nomad Insurance, JSC IC Victory, JSC Kommesk-Omir, JSC LIC Halyk-Life, JSC LIC Standard Life, JSC LIC State annuity company, JSC Oil insurance company, Kaspi Insurance JSC, Kazakh Corporation of Health and Medical, KazakhExport Export Insurance, Life Insurance Company Freedom Finance Life JSC, Sinoasia B&R Insurance JSC

Scope

This report provides a comprehensive analysis of the Insurance Industry in Kazakhstan -

  • It provides historical values for the Kazakhstani insurance industry for the report's 2014-2018 review period, and projected figures for the 2018-2023 forecast period.
  • It offers a detailed analysis of the key categories in the Kazakhstani insurance industry, and market forecasts to 2023.

Reasons to buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Kazakhstani insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Kazakhstani insurance industry.
  • Assess the competitive dynamics in the insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.
Table of Contents
Product Code: GDIS1885MR

Table of Contents

  • Chapter 1 Executive Summary
  • Chapter 2 Economy Overview
  • Chapter 3 Regulatory Risk
  • Chapter 4 Life Insurance - Summary Trend and KPIs
  • Chapter 6 General Insurance - Summary Trend and KPIs
  • Chapter 7 General Insurance - Market Share and Concentration by Line of Business
  • Chapter 8 Reinsurance Overview
  • Chapter 9 Distribution Overview
  • Chapter 10 Competitive Landscape
  • Chapter 11 Competitor Profiles
  • Chapter 13 Appendix
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