Kazakhstan's insurance market proved resilient to the challenging economic conditions brought on by the COVID-19 pandemic, and is well-positioned to withstand current economic uncertainties, new research from AM Best indicates.
According to a new Best's Market Segment Report, "Kazakhstan Insurance: Business Lines Demonstrate Resilience and Growth as Economy Recovers", the country's gross written premium grew even during the pandemic-impacted 2020. Growth then accelerated in 2021, driven by the life segment, and in particular, the demand for alternative investment and pension solutions.
In addition, further developments in the segment's regulatory and legislative environment have facilitated the development of new products, prompted more efficient customer service, and had a positive impact on consumer trust through enhanced transparency.
AM Best expects that Kazakhstan's insurance segment will exhibit further growth in the medium term, and while it is likely to continue to benefit from the demand for investment and pension products, this is expected to be partially offset by moderated growth in the traditional non-life classes.
To access a complimentary copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=321373.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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