AM BestTV: Consolidation Underway in Kazakhstan Insurance Market, Says AM Best Senior Financial Analyst

OLDWICK, N.J.–(BUSINESS WIRE)–In this episode of AM BestTV, Yevgine Asatryan, senior
financial analyst, AM Best, said the insurance market in
Kazakhstan continues to develop and faces a variety of market and
regulatory adjustments. Click on
to view the entire program.

Asatryan spoke about balance sheet trends of the companies AM Best rates
in Kazakhstan.

“Risk-adjusted capitalization varies quite significantly across the
market,” said Asatryan. “However, looking at the rated insurers, the
risk-adjusted capitalization is at its strongest level, as measured by
Best’s Capital Adequacy Ratio. Looking at investment portfolios, they
are actually quite liquid because they are dominated by bank deposits
and bonds. However, they are concentrated in the local market, and so
diversification can be quite weak and credit risk is an issue.
Additionally, there is a high dependence on reinsurance.”

Asatryan also addressed profitability among rated carriers in the
Kazakhstan market.

“Overall, the market is profitable. The return on equity was 18% in
2018, which is higher when compared with 2017. The life market is
especially profitable. This is because the competition is lower in the
life market, and the market has grown significantly in recent years. As
for non-life insurers, again, most are profitable,” she said.

To access a copy of this special report, titled, “Kazakhstan Insurance
Ratings: Benchmarking,” visit

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Lee McDonald
Group Vice President, Publication and News

+1 908 439 2200, ext. 5561

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