Non-life insurances - Kazakhstan | Statista Market Forecast

The Non-life insurance market in Kazakhstan is projected to reach a market size (gross written premium) of US$2.65bn by the year 2024.
In the same year, the average spending per capita in the Non-life insurance market is estimated to be US$133.50.
The gross written premium is expected to experience an annual growth rate (CAGR 2024-2029) of 2.44%, resulting in a market volume of US$2.99bn by the year 2029.
In comparison to other countries worldwide, the United States is anticipated to generate the highest gross written premium of US$2.5tn in 2024.
Kazakhstan's non-life insurance market is experiencing rapid growth due to the increasing demand for property and casualty coverage.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Kazakhstan is experiencing a significant growth trajectory, driven by various factors influencing consumer behavior and the overall economic landscape in the region.

Customer preferences: Customers in Kazakhstan are increasingly recognizing the importance of protecting their assets and mitigating risks through non-life insurance products. With a growing middle class and rising disposable incomes, individuals are becoming more conscious about securing their properties, vehicles, and health against unforeseen events. This shift in mindset towards risk management is fueling the demand for non-life insurance policies in the country.

Trends in the market: One notable trend in the Kazakhstan non-life insurance market is the increasing adoption of digital channels for purchasing insurance products. Insurers are leveraging technology to offer convenient and accessible services to customers, enhancing the overall customer experience. Additionally, there is a growing interest in specialized non-life insurance products tailored to specific needs, such as travel insurance and cyber insurance, reflecting evolving consumer preferences in the market.

Local special circumstances: Kazakhstan's non-life insurance market is also influenced by unique local circumstances, such as regulatory developments and market competition. The regulatory environment plays a crucial role in shaping the market landscape, ensuring consumer protection and market stability. Moreover, the presence of both domestic and international insurance companies in the market fosters competition, driving innovation and product diversification to cater to the evolving needs of customers.

Underlying macroeconomic factors: The growth of the non-life insurance market in Kazakhstan is closely tied to the country's macroeconomic conditions. Factors such as GDP growth, inflation rates, and overall economic stability impact consumer confidence and purchasing power, influencing the demand for insurance products. As the economy continues to develop and diversify, the non-life insurance market is poised to expand further, offering a wide range of products to meet the evolving needs of customers in Kazakhstan.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.