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Kazakhstan Insurance Report 2012

  • Publication Date:November 2011
  • Publisher:Business Monitor
  • Product Type: Report
  • Pages:1
  • ISBN:169870

Kazakhstan Insurance Report 2012

In past years, we have described Kazakhstan's insurance sector as being ‘idiosyncratic'. This, in our view, remains a fair descriptor. As is the case in Russia, Ukraine and some broadly comparable countries in the Middle East and North Africa (MENA) region such as Algeria, life insurance remains grossly underdeveloped. Much of the opportunities for non-life insurers are clearly linked to the Kazakh energy industry. The latest figures indicate that premiums are growing quite quickly - but only because of rising nominal GDP.
Unlike in Russia, though, the non-life segment is dominated by voluntary property insurance rather than compulsory medical insurance. Kazakhstan is a rare example of an underdeveloped non-life market where motor-related lines are not dominant. Premiums for voluntary car insurance - CASCO - are surprisingly small. Although the non-life segment is fragmented, it is not characterised by the dozens - indeed hundreds - of minute companies that feature in Russia and Ukraine. Further, consolidation is taking place. In the short-term, though, particular companies are constrained by a lack of capital and by a lack of suitable investments.
The life segment is dominated by annuities: still tiny by most measures, it has developed from virtually nothing. The challenges remain huge. Nevertheless, the hard numbers indicate that it is moving in the right direction. It is possible that our projections for the segment prove to be extremely conservative: however, this is a ‘wildcard'.
Executive Summary ... 5
Table: Total Premiums, 2008-2016 ..... 5
Key Insights And Key Risks .. 5
SWOT Analysis .... 7
Kazakhstan Insurance Industry SWOT. 7
Life ... 8
Central And Eastern Europe Life Sector Overview . 8
Table: Central And Eastern European Life Premiums, 2009-2016 (US$mn) 8
Kazakhstan Life Sector Update . 12
Table: Rankings Of Insurance Companies By Gross Written Premiums, Jan-July 2011 . 12
Life Industry Forecast Scenario 14
Table: Life Premiums, 2008-2016 ...... 14
Growth Drivers And Risk Management Projections .... 15
Population ...... 15
Table: Insurance Key Drivers, Demographics 2008-2016 .... 15
Non-Life 17
Central And Eastern Europe Non-Life Sector Overview ..... 17
Table: Central And Eastern European Non-Life Premiums, 2008-2016 (US$mn ..... 17
Kazakhstan Non-Life Sector Update 20
Table: Gross Written Premiums Of Kazakhstan's Insurance Sector, Jan-July 2011 (KZTmn) ...... 20
Non- Life Industry Forecast Scenario ..... 23
Table: Non-Life Premiums, 2008-2016 ..... 23
Macroeconomic Outlook ...... 24
Table: Kazakhstan Economic Activity, 2008-2015 .. 26
Political Stability Outlook .... 26
Table: Europe Security Risk Ratings . 28
Epidemiology .. 32
Table: Insurance Key Drivers, Disease Adjusted Life Years 2005-2015 ..... 34
Motor 35
Table: Insurance Key Drives, 2008-2016 . 36
Insurance Risk/Reward Ratings ... 38
Table: Kazakhstan's Insurance Risk/Reward Ratings .... 38
Table: Central And Eastern Europe Insurance Risk/Reward Ratings .. 39
Competitive Landscape .. 40
Competitive Landscape Analysis ...... 40
Major Players In Kazakhstan's Insurance Sector . 41
Company Profiles ..... 43
Regional Company Profiles ...... 43
AXA ... 43
BNP Paribas Cardif ...... 45
ERGO ...... 46
Generali ... 48
Groupama 50
MetLife ALICO ...... 51
UNIQA ..... 53
Vienna Insurance Group ...... 54
BMI Methodology ..... 56
Insurance Risk/Reward Ratings 58
Table: Insurance Risk/Reward Indicators And Rationale ..... 59
Table: Weighting Of Indicators .. 60
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