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Kazakhstan Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 22
The insurance industry of Kazakhstan has witnessed a strong growth during 2001-2008, in local currency terms. The increase in premium growth over these years was mainly on account of the reforms initiated by the government as well as the astounding performance of the economy. The growing economy, supported by the increasing international demand for crude oil, led to an increase in the per-capita income of the population, boosting the demand for non-food categories such as property and automobiles. Growing GDP, national income and the subsequent improved standard of living, development of social insurance for the underprivileged, rising population, has helped drive the insurance segment, particularly non-life business growth in Kazakhstan in last few years. The life insurance segment of Kazakhstan is still in its nascent stage and it accounts for a very small share of the domestic insurance market.
The non-life segment has been the dominating segment in the country, the reason being the low financial literacy and lax attitude of the people towards investing for the safety of self and family. Along with these factors, the improved economic conditions have also boosted the sales of property and automobile products; thereby, driving the sales of the insurance products. The insurance market in Kazakhstan is witnessing an increasing participation of new players, both foreign as well as domestic.
The present report gives an overview of the insurance market of Kazakhstan along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the insurance industry of the country. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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