Doing a Business
The activities of insurance companies are regulated by the Law of the Republic of Kazakhstan "On insurance activities" dated December 18, 2000 No. 126.
The activities of insurance companies are regulated by the Law of the Republic of Kazakhstan "On insurance activities" dated December 18, 2000 No. 126.
The National Bank of Kazakhstan is a state body that ensures the development and implementation of the state's monetary policy, the functioning of payment systems, contributing to the stability of the financial system, carrying out currency regulation and currency control, statistical activities, as well as, within its competence, state regulation, control and supervision over financial market, financial organizations and other persons and in the field of financial legislation of the Republic of Kazakhstan.
Top 10 largest insurance companies in Kazakhstan, billion tenge
|
Insurance company |
Assets |
personal capital |
Insurance premiums |
|
Eurasia Insurance Company JSC |
347.8 |
209.0 |
79.3 |
|
Nomad Life CSR JSC |
222.1 |
28.1 |
54.3 |
|
Halyk-Life Life Insurance House Halyk Bank House of Culture JSC |
210.4 |
43.4 |
59.3 |
|
Halyk Insurance Company, a subsidiary of Halyk Bank of Kazakhstan JSC |
149.5 |
59.2 |
68.8 |
|
KazakhExport Export Insurance Company JSC |
130.6 |
114.3 |
2.0 |
|
Insurance Company "Victoria" |
99.8 |
92.5 |
1.7 |
|
Freedom Finance Life CSR JSC |
64.1 |
9.8 |
13.2 |
|
JSC "Standard life" CSR " |
45.6 |
5.2 |
14.2 |
|
Eurasia CSR JSC |
44.2 |
12.9 |
15.9 |
|
IC "Kazakhmys" JSC |
39.0 |
13.4 |
19.3 |
* 07/01/2021 w
Ratio of insurance payments to insurance premiums, KZT bln
Macroeconomic indicators of the insurance sector
|
|
01.07.2020 |
01.01.2021 |
01.07.2021 |
|
GDP, billion tenge |
71 445,1 |
70 714,1 |
71 419,0 |
|
Assets to GDP ratio,% |
1,93% |
2,10% |
2,34% |
|
Equity to GDP ratio, % |
0,86% |
0,94% |
0,98% |
|
Ratio of insurance premiums to GDP, % |
0,67% |
0,72% |
0,88% |
|
The ratio of insurance premiums per capita, in tenge |
25 866 |
27 082 |
32 995 |
* as of 01.07.2021
Source: Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market
Export insurance company "KazakhExport"
JSC "Export Insurance Company "KazakhExport" - a subsidiary of JSC "National Managing Holding "Baiterek" - is the only specialized insurance organization that performs the functions of an export credit agency of the Republic of Kazakhstan.
KazakhExport was established by the 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-primary goods, works, services in priority sectors of the economy and the formation of the practice of financial, insurance and non-financial support of Kazakhstani enterprises.
Functions:
- assistance in promoting goods, works and services of the Republic of Kazakhstan to foreign markets;
- free consulting support in the field of pre-export and export operations;
- interaction with domestic, foreign and international organizations on the promotion of the export of goods, works and services and the Republic of Kazakhstan.
