"Kazakhstan Insurance Report 2014" now available at Fast Market Research

From: Fast Market Research, Inc.
Published: Thu Jan 02 2014


In the non-life segment, the implication is that a long term trend of declining penetration has come to an end. However, the changes in the life segment are even more exciting Kazakhstan's insurance sector has more in common with its counterparts in some energy-rich Middle Eastern countries than with those of other countries that formerly were part of the USSR. Non-life penetration is fairly low. This is partly because of aggressive competition (within a fragmented competitive landscape in the past). It is also because some of the largest industrial risks have been covered in major international centres such as London. Local firms lack scale in an international context, and are often associated with the leading banking/financial services groups.

Full Report Details at
- http://www.fastmr.com/prod/754584_kazakhstan_insurance_report_2014.aspx?afid=301

Premiums are expanding at annual rates of nearly 30% in both the major segments. In the non-life segment, the implication is that a long term trend of declining penetration has come to an end. However, the changes in the life segment are even more exciting. Penetration has doubled in about two years. The lack of trust and understanding that had previously constrained the development of life insurance appears to have been overcome. Interestingly, it appears to be the local companies who have identified clients, undertaken the necessary education effort, developed products that are attractive and distributed them. Looking forward, we anticipate that life insurance will continue to develop as a conduit for organised savings in Kazakhstan. New compulsory lines and, perhaps, growth in industrial insurance, should underpin the ongoing growth of the non-life segment.

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