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Kazakhstan Insurance Report Q2 2016

  • March 2016
  • -
  • Business Monitor International
  • -
  • 54 pages

Includes 3 FREE quarterly updates

BMI View: We expect Kazakhstan's insurance market to continue developing at a fast pace through thenext few years, despite a series of economic headwinds including falling oil prices and a depreciatingnational currency. The rapid growth of the market owes much to its under-development, having beenrestrained by a lack of private enterprise during the Soviet era. The life insurance premiums in particularare set to see rapid expansion, growing by around 20% a year on average in local currency terms. Personalnon-life lines will also benefit from steady growth in income levels and the expansion of the country'smiddle-class demographic. Growing demand for insurance will pave the way for new entrants into themarket from overseas who will be able to take advantage of a lack of competition and the absence ofmultinational operators at present.

Key Updates And Forecasts

- January 2016 saw Kazakhstan's deposit insurance fund raise the interest rate on local currency depositsfrom 10% to 14% following further depreciation of the tenge during the first few weeks of the year. Itsrecent devaluation has sparked concerns that investors may be unwilling to make deposits based in localcurrency.

- We have revised our medium-term forecasts for life insurance growth downwards slightly since lastquarter, in reflection of downside risks linked to falling oil prices and short-term pressures on economicgrowth. Nevertheless, we expect premiums to grow by a rapid 22.2% a year on average in local currencyterms through to 2020, when they will reach KZT229bn.

- Growth in the non-life sector will be more modest, at 9.3% y-o-y over 2016-2020, reaching KZT350.7bnat the end of the forecast period.

Table Of Contents

Kazakhstan Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Kazakhstan 2013-2020) 5
SWOT 7
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Kazakhstan 2013-2020) 12
Table: Life Insurance Claims (Kazakhstan 2008-2014) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Kazakhstan 2013-2020) 16
Table: Non-Life Insurance Claims (Kazakhstan 2009-2014) 18
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums By Product Line (Kazakhstan 2013-2020) 27
Industry Risk Reward Ratings 29
Emerging Europe Risk/Reward Index 29
Table: Emerging Europe Insurance Risk/Reward Index - Q216 30
Market Overview 31
Life Market Overview 31
The Product Offering 31
The Competitive Landscape 31
Table: Life Market Share, 2008-2014 (USDmn) 33
Non-Life Market Overview 35
The Product Offering 35
The Competitive Landscape 35
Table: Non-Life Market Share, 2007-2014 (USDmn) 37
Company Profile 39
Eurasia 39
Kazakhinstrakh 41
London Almaty Insurance Company 43
Nomad Insurance 46
Methodology 48
Industry Forecast Methodology 48
Risk/Reward Index Methodology 51
Table: Indicators 53
Table: Weighting of Indicators 54

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