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Kazakhstan

Kazakhstan

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Kazakhstan Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Kazakhstan includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Kazakhstan can be seen in:

Insurance Market Reports (Life & Benefits) Insurance Market Reports (Non-Life) Global Statistics Employee Benefits Reports Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)

GMT +5 (West) ; GMT +6 (East)
Nur-Sultan
KZT
18.44 mn (2019)
3.17%
5.57
1,174.87 (mn)
0.65

The Republic of Kazakhstan has a land area of 2,717,300 square kilometres, making it the ninth largest country in the world, roughly the size of western Europe. Present-day Kazakhstan formed an important section of the Great Silk Road, which for centuries took traders across Central Asia to the Middle East, and it is still an important staging post for trade.

Kazakhstan possesses enormous hydrocarbon reserves, and plentiful supplies of other minerals and metals. It also has a large agricultural sector featuring livestock and grain. Kazakhstan's industrial sector rests on the extraction and processing of natural resources, especially oil and natural gas.

Gross premium income for non-life inclusive of personal accident and healthcare amounted to KZT 303.97bn, which could be considered a medium-sized emerging market. As in some other post-Soviet economies, insurance culture and product penetration remain quite low, especially in the consumer segment, but inclusive of personal accident and healthcare the market size is now almost USD 1bn making it by far the largest of the former soviet republics in the Central Asia and Caucasus region.

At the start of 2019, there were 28 insurers in the market of which 22 were non-life.

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