Kazakhstan Insurance Market Intelligence: Rosetta stone languages
2011 EditionPublished Date : 1 January 2011Pages : 22The economy of Kazakhstan is mainly driven by its oil and gas resources. The rising international demand for crude oil has not only benefited the national economy but has also resulted in an increase in the per capita income, and non-food categories like property and automobiles. Growing GDP, national income and the subsequent improved standard of living, development of social insurance for the underprivileged, and rising population has helped drive the insurance segment, particularly non-life business in Kazakhstan in the last few years. The life insurance segment of Kazakhstan is still in its nascent stage and it accounts for a very small share of the domestic insurance market. The insurance industry of Kazakhstan has shown tremendous growth over the period of 2002-2007. However, this growth has been following a negative trend since the past two years, mainly due to the slowdown of national economy and a subsequent fall in the country's banking and corporate sectors' business activity. The life insurance segment accounts for a minimal share of the overall insurance industry, primarily because of the meek faith of the people of Kazakhstan in using local financial institution as a medium of long-time savings and investment. The non-life insurance segment, on the other hand, constitutes the major Rosetta Stone Language
part of the Kazakh insurance industry; however, the segment has been registering a fall since the past two years due to the effects of global financial crisis and a decline in the voluntary property insurance .Table of Contents :1. Industry Snapshot 1.1 Industry Structure 1.1.1 Less developed nature of insurance industry 1.1.2 Lesser number of insurance products being offered; large population uninsured 1.1.3 Supervised by Financial Supervision Agency of Kazakhstan (FSA) 1.2 Market Overview 1.2.2.1 Global economic crisis led to decline in overall premiums in 2009 vs 2008 1.2.2.2 Low penetration offers huge opportunity to expand 1.2.2 Market Segments 1.2.3.1 Life Segment at Nascent Phase, Limited Rosetta Stone Japanese
Awareness 1.2.3.2 Non-life segment dominated by property insurance & mandatory MTPL 1.2.3 Market Share 1.2.3.1 Eurasia as largest insurance company dominating the insurance market 1.2.3.2 Allianz Kazakhstan dominated property insurance segment 1.2.4 Market Density & Penetration 1.2.4.1 Decline in both insurance density and penetration in 2009 1.2.4.2 Life insurance considered as “voluntary product”, less demand 2. Industry Analysis 2.1 Industry Developments Increase in Capital Requirements for Insurers Memorandum to Ease Relation between Insurers and Their Customers Amendments to the Legislation Kazakh Companies to Offer Takaful Insurance by 2015 2.2 Market Drivers Growing Economy Rising Healthcare Expenditure 3. Country Analysis: Risk Assessment 3.1 Political Environment 3.2 Macro-economic Indicators: Current and Projections 4. Industry Outlook: Forecast and Christian Louboutin Shoes
Projections 4.1 Recovery of the economy, awareness of insurance
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