Albany, NY -- (SBWIRE) -- 11/10/2014 -- Synopsis

The report provides in-depth industry analysis, information and insights into the insurance industry in Kazakhstan, including:

The Kazakh insurance industry’s growth prospects by insurance segment and category

The competitive landscape of the Kazakh insurance industry

The current trends and drivers of the Kazakh insurance industry

Challenges facing the Kazakh insurance industry

The detailed regulatory framework of the Kazakh insurance industry

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Executive summary:

Kazakhstan posted stable economic growth during the review period. Rising oil output combined with recovered crop production and strong domestic demand spurred economic growth; Kazakh GDP at constant prices increased from US$72.0 billion in 2009 to US$92.4 billion in 2013, at a review-period (2009?2013) compound annual growth rate (CAGR) of 6.4%. Strong GDP growth coupled with a stable business environment fuelled growth in the country’s insurance industry during the review period. The industry grew at a CAGR of 20.1% during the review period. The growth in the industry was also supported by strong performance of life and personal accident and health segments.

Favorable demographic factors such as increased life expectancy and a growing urban population are likely to increase the demand for insurance products. Life expectancy in Kazakhstan rose from 67.0 years in 2008 to 69.9 in 2013, while the percentage of urban population grew from 57.9% in 2008 to 59.5% in 2013. These factors will increase demand for insurance products, especially life insurance products such as pension and endowment products, over the forecast period (2013?2018).

Scope:

This report provides a comprehensive analysis of the insurance industry in Kazakhstan:

It provides historical values for the Kazakh insurance industry for the report’s 2009–2013 review period and projected figures for the 2013–2018 forecast period.

It offers a detailed analysis of the key segments and categories in the Kazakh insurance industry, along with forecasts until 2018.

It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.

It profiles the top insurance companies in Kazakhstan, and outlines the key regulations affecting them.

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Reasons to buy:

Make strategic business decisions using in-depth historic and forecast industry data related to the Kazakh insurance industry and each segment within it.

Understand the demand-side dynamics, key trends and growth opportunities in the Kazakh insurance industry.

Assess the competitive dynamics in the Kazakh insurance industry.

Identify the growth opportunities and market dynamics in key segments.

Gain insights into key regulations governing the Kazakh insurance industry and its impact on companies and the industry's future.

Key highlights:

The industry grew in terms of gross written premium value, at a CAGR of 20.1% during the review period.

The non-life segment was the largest during review period and accounted for 66.2% of the industry’s total gross written premium value in 2013.

Kazakhstan maintained steady economic growth during the review period, and expansion is expected to continue over the forecast period.

The NBK has mandatory provisions for a range of insurance classes such as third-party vehicle insurance, agriculture and property damage insurance.

During the review period, life insurance providers in Kazakhstan benefited from low combined ratios, resulting in underwriting profits.

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