New Financial Services research report from Business Monitor International is now available from Fast Market Research
[ClickPress, Mon Jun 20 2016] The depreciation of the tenge and high rates of inflation will distort growth rates in both the life and non-life sectors of Kazakhstan's insurance market in the short-term, though medium-term prospects remain highly positive. Kazakhstan's insurance market offers significant potential to grow rapidly from a low base, benefiting from steady improvements to average household income rates and the expansion of products available on the market from both domestic and multinational providers, which will boost demand for a range of covers and stimulate steady premium growth.
Key Updates And Forecasts
The economic outlook for Kazakhstan has deteriorated somewhat in recent quarters owing to weakness in the key export - oil - which accounts for half of public sector revenues and 80% of exports. This will impact investment in oil sector infrastructure, which in turn will dampen demand for non-life lines such as transport insurance and engineering cover.
Full Report Details at
Life insurance premiums are forecast to show strong growth throughout the forecast period, though, as noted above, growth rates will be distorted somewhat by inflation. Overall, life premiums are forecast to increase from KZT121.6bn in 2016 to KZT224.3bn in 2020, with slower growth in US dollar terms.
The larger non-life sector will see steadier growth, with premiums increasing from KZT249.4bn in 2016 to KZT347.0bn in 2020. Following a short-term contraction in 2016, premiums will also grow steadily in US dollar terms and coverage will improve.
The Kazakhstan Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Kazakhstan Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Kazakhstani insurance industry.
Benchmark BMI's independent insurance industry forecasts for Kazakhstan to test other views - a key input for successful budgeting and strategic business planning in Kazakhstan's insurance market.
Target business opportunities and risks in Kazakhstan through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
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