Kazakhstan Insurance Industry – Key Trends and Opportunities to 2027
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Kazakhstan Insurance Industry Report Overview
The gross written premium of the Kazakhstan insurance market was KZT805.6 billion ($1.8 billion) in 2022. The market is expected to achieve a CAGR of more than 12% during 2023-2027.
Kazakhstan Insurance Market Outlook, 2022-2027 (KZT Billion)
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The Kazakhstan insurance market research report provides in-depth market analysis, information, and insights into the Kazakhstan insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Kazakhstan economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Market Size (2022) | KZT805.6 billion ($1.8 billion) (GWP) |
CAGR (2023-2027) | >12% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | Life Insurance and General Insurance |
Leading Players | JSC IC Eurasia, JSC FIC Halyk-Kazakhinstrakh, JSC Insurance Company Jysan Garant, JSC IC Nomad Insurance, Joint Stock Company European Insurance Company – Life Assurance Company, JSC Life Insurance Company Freedom Finance Life, and JSC Life Insurance Company Eurasia |
Kazakhstan Insurance Market Trends
Social security and digitalization are some of the key trends impacting the Kazakhstan insurance market. For instance, In Kazakhstan, approximately 980,000 families do not have a stable source of income or any kind of employment and social benefits. In 2022, the United Nations Development Programme (UNDP) launched a pilot project named Digital Family Card, in association with the Ministry of Labor and Social Protection of the Population and the Ministry of Digital Development, Innovation, and Aerospace Industry, along with financial aid from the UN COVID-19 Response and Recovery Multi-Partner Trust Fund.
Kazakhstan Insurance Market by Segments
The key segments in the Kazakhstan insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022.
Life Insurance: In the past three years, premiums in the life insurance sector grew by more than 2 times due to income tax benefits introduced for policyholders. In 2022, the life insurance penetration rate remained below the emerging and developed markets’ average.
General Insurance: Motor insurance is the largest LOB of general insurance GWP in 2022. It was followed by liability insurance. Commercial insurance GWP recorded growth during 2018–22. The leading commercial lines were liability and property in 2022.
Kazakhstan Insurance Market Analysis by Segments, 2022 (%)
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Kazakhstan Insurance Market – Competitive Landscape
The key companies in the Kazakhstan insurance market are JSC IC Eurasia, JSC FIC Halyk-Kazakhinstrakh, JSC Insurance Company Jysan Garant, JSC IC Nomad Insurance, Joint Stock Company European Insurance Company – Life Assurance Company, JSC Life Insurance Company Freedom Finance Life, and JSC Life Insurance Company Eurasia among others. JSC IC Eurasia was the largest insurer in 2022 in terms of GWP, followed by JSC LIC Halyk-Life and JSC FIC Halyk-Kazakhinstrakh.
Kazakhstan Insurance Market Analysis by Players, 2022 (%)
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Segments Covered in the Report
Kazakhstan Insurance Market Segments Outlook (Value, KZT Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Kazakhstan insurance industry –
- It provides historical values for the Kazakhstan insurance industry for the report’s 2018–22 review period and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Kazakhstan insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Kazakhstan and outlines the key regulations affecting them.
Key Highlights
• Key insights and dynamics of the Kazakhstan insurance industry.
• A comprehensive overview of the Kazakhstan economy, government initiatives, and investment opportunities.
• The Kazakhstan insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• The Kazakhstan insurance industry’s market structure giving details of lines of business.
• Kazakhstan’s reinsurance business’s market structure giving details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Kazakhstan insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Kazakhstan insurance industry.
- Assess the competitive dynamics in the Kazakhstan insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Halyk Life
Life Insurance Company Eurasia
Joint Stock Company European Insurance
JSC IC Eurasia
JSC FIC Halyk Kazakhinstrakh
JSC IC Kazakhmys
Table of Contents
Frequently asked questions
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What was the Kazakhstan insurance market gross written premium in 2022?
The gross written premium of the Kazakhstan insurance market was KZT805.6 billion ($1.8 billion) in 2022.
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What is the growth rate of the Kazakhstan insurance market?
The insurance market in Kazakhstan is expected to achieve a CAGR of more than 12% during 2023-2027.
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Which segment dominated the Kazakhstan insurance market in 2022?
The general insurance segment dominated the Kazakhstan insurance market in 2022.
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Who are the major players operating in the Kazakhstan insurance market?
The key companies in the Kazakhstan insurance market are JSC IC Eurasia, JSC FIC Halyk-Kazakhinstrakh, JSC Insurance Company Jysan Garant, JSC IC Nomad Insurance, Joint Stock Company European Insurance Company – Life Assurance Company, JSC Life Insurance Company Freedom Finance Life, and JSC Life Insurance Company Eurasia.
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