Kazakhstan Insurance Report Q4 2017
Kazakhstan's insurance market is in the relatively early stages of development, particularly in terms of the small life insurance segment. The outlook for the market is, however, broadly positive. We see significant potential for the small life insurance market as the country's savings and investments climate becomes more sophisticated and as employment and income rates improve. In the non-life sector, the development of a wider range of more affordable products will also ensure steady premium growth, particularly in the health segment, though weak short-term prospects for credit/financial guarantee insurance will undermine market potential.
Key Updates And Forecasts
Kazakhstan has started rolling out a new national health insurance scheme and the Social Health Insurance Fund reported receiving some KZT800mn (USD2.4mn) in contributions in its first month of operation (July 2017) with cover reaching over 384,000 people.
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