...

Kazakhstan records increase in insurance market

Kazakhstan Materials 1 February 2023 19:23 (UTC +04:00)
Kazakhstan records increase in insurance market
Emin Sevdimaliyev
Emin Sevdimaliyev
Read more

BAKU, Azerbaijan, February 1. The assets of insurance and reinsurance companies increased by 13 percent and reached 2.1 trillion Kazakh tenge ($4.56 billion), Trend reports, citing the press service of the Agency of Kazakhstan for Regulation and Development of the Financial Market.

The growth during December amounted to 0.2 percent. The increase in assets is mainly due to the growth of income from insurance activities.

In the breakdown of the assets, the share of securities amounts to 74.1 percent of the total, which is an equivalent of 1.5 trillion Kazakh tenge ($3.25 billion). The share of securities increased by 16.2 percent in 2022. The increase of 1.8 percent was registered in December 2022 alone.

Meanwhile, the liabilities of the country's insurance sector increased by 18.8 percent and reached 1.3 trillion Kazakh tenge ($2.82 billion). The increase in liabilities was mainly due to the growth of insurance reserves by 23.1 percent to 1.1 trillion Kazakh tenge ($2.38 billion).

Some 12.31 million insurance contracts were concluded for individuals and legal entities in 2022, which is an increase of 3.9 percent compared to 2021.

The Agency for Regulation and Development of the Financial Market determines the approaches and methods of regulating the financial market within the framework of the main directions of state policy in the development of the financial system of Kazakhstan. The Agency also provides assistance to the development of the financial market of Kazakhstan, and financial products, and combats abuse in the financial market.

Tags:
Latest

Latest