Life insurance - Kazakhstan | Statista Market Forecast

The Life insurance market market in Kazakhstan is projected to reach a market size (gross written premium) of US$3.77bn in 2024.
The average spending per capita in the Life insurance market market is expected to amount to US$190.30 in the same year.
Furthermore, the gross written premium is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.02%, resulting in a market volume of US$4.38bn by 2029.
In terms of global comparison, the United States is expected to generate the highest gross written premium of US$1.3tn in 2024.
Kazakhstan's life insurance market is witnessing a surge in demand due to the country's growing middle class and increasing awareness about the importance of financial protection.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

Over the past few years, the Life insurance market in Kazakhstan has been experiencing significant growth and development. Customer preferences in the Life insurance market in Kazakhstan are shifting towards more comprehensive coverage options that offer not only financial protection but also investment opportunities. Customers are increasingly looking for policies that provide a range of benefits such as savings, retirement planning, and health coverage. This trend mirrors the global shift towards holistic insurance products that cater to various financial needs. Trends in the market show a rise in the adoption of digital channels for purchasing insurance products in Kazakhstan. Insurers are leveraging technology to reach a wider customer base and offer more personalized services. Online platforms and mobile applications have become popular among tech-savvy consumers, leading to a transformation in the distribution and sales strategies of insurance companies in the country. Local special circumstances in Kazakhstan, such as a growing middle class and increasing awareness about the importance of financial planning, are driving the expansion of the Life insurance market. As disposable incomes rise and the population becomes more educated about the benefits of insurance, there is a growing demand for life insurance products in the country. Additionally, regulatory reforms and government initiatives to promote insurance coverage are creating a favorable environment for market growth. Underlying macroeconomic factors, such as stable economic growth, low inflation rates, and a supportive regulatory framework, are contributing to the positive outlook for the Life insurance market in Kazakhstan. The country's robust economic performance and efforts to improve the business environment are attracting investments from insurance companies, leading to innovation and product diversification in the market. Moreover, the government's focus on financial inclusion and consumer protection is enhancing trust in the insurance sector and driving market expansion.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.