The Insurance Industry in Kazakhstan, Key Trends and Opportunities to 2018

Date: 2015-09

“Kazakhstan posted stable economic growth during the review period. Rising oil output combined with recovered crop production and strong domestic demand spurred economic growth; Kazakh GDP at constant prices increased from US$72.0 billion in 2009 to US$92.4 billion in 2013, at a review-period (2009โˆ’2013) compound annual growth rate (CAGR) of 6.4%. Strong GDP growth coupled with a stable business environment fuelled growth in the countryโ€™s insurance industry during the review period. The industry grew at a CAGR of 20.1% during the review period. The growth in the industry was also supported by strong performance of life and personal accident and health segments.
Favorable demographic factors such as increased life expectancy and a growing urban population are likely to increase the demand for insurance products. Life expectancy in Kazakhstan rose from 67.0 years in 2008 to 69.9 in 2013, while the percentage of urban population grew from 57.9% in 2008 to 59.5% in 2013. These factors will increase demand for insurance products, especially life insurance products such as pension and endowment products, over the forecast period (2013โˆ’2018).

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