Investor guide

Insurance

The activities of insurance companies are regulated by the Law on Insurance Activities of the Republic of Kazakhstan dated December 18, 2000 No. 126-II . The National Bank of the Republic of Kazakhstan carries out a supervisory function in the insurance market, issues licenses, and also tracks industry statistics.

Top 10 largest insurance companies in Kazakhstan, billion tenge

Insurance Company

Assets

Equity

Insurance premiums

JSC "IC "Eurasia"

211,0

111,2

38,2

JSC "IC" Victoria "

79,7

73,2

2,3

JSC "KSZH" NOMAD LIFE "

61,7

7,6

12,6

JSC "Life Insurance Company" Kazkommerts-Life "(subsidiary of JSC" Kazkommertsbank ")

58,0

8,6

7,4

Export JSC Subsidiary Company of Halyk Bank of Kazakhstan for Life Insurance "Halyk-Life"

57,9

8,7

20,5

JSC "Subsidiary Insurance Company of Halyk Bank of Kazakhstan "Halyk-Kazakhinstrakh"

57,0

29,0

20,2

JSC "IC "Kazakhmys"

45,5

8,3

34,7

"Export Insurance Company" KazakhExport "JSC

44,2

41,2

0,7

JSC "IC" Kazkommerts-Policy "(subsidiary of Kazkommertsbank JSC)

40,4

22,4

16,8

JSC "KSZH State Annuity Company"

32,0

4,2

2,1

* as of August 1, 2017           Source: National Bank of Kazakhstan

The ratio of insurance payments to insurance premiums, billion tenge


Macroeconomic indicators of the insurance sector

 

2014

2015

2016

2017

GDP, trillion tenge

34,3

38,6

41,3

49,7

The ratio of assets to GDP,%

1,53

1,59

2,00

1,80

The ratio of equity to GDP,%

0,74

0,74

0,98

0,80

The ratio of insurance premiums to GDP,%

0,81

0,69

0,70

0,41

The ratio of insurance premiums per capita, thous. tenge

16,3

15,3

16,3

11,4

* as of 01.07.2017       Source: National Bank of Kazakhstan

EXPORT INSURANCE COMPANY “KAZAKHEXPORT”

“Export Insurance Company KazakhExport” JSC, a subsidiary of Baiterek National Management Holding JSC, is the only specialized insurance organization that performs the functions of an export credit agency of the Republic of Kazakhstan.

“KazakhExport” was created by Resolution of the Government of the Republic of Kazakhstan dated May 12, 2003 No. 442 as one of the new development institutions, whose mission is to support the growth of exports of non-commodity goods, works and services in priority sectors of the economy, as well as to develop the practice of financial insurance and non-financial support for Kazakhstan enterprises.

Functions:
  • insurance (reinsurance) of export of non-primary goods and services;
  • insurance (reinsurance) of investments abroad.
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