Motor Vehicle Insurance - Kazakhstan

The Motor Vehicle Insurance market market in Kazakhstan is projected to reach a gross written premium of US$1.41bn in 2024.
The average spending per capita in the Motor Vehicle Insurance market market is estimated to be US$70.94 in the same year.
With an expected annual growth rate of 1.86% from 2024 to 2029, the gross written premium is predicted to increase to US$1.54bn by 2029.
When compared globally, the United States is expected to generate the highest gross written premium in the Motor Vehicle Insurance market market, reaching US$341.6bn in 2024.
Kazakhstan's motor vehicle insurance market is witnessing a surge in demand due to the country's growing economy and increasing number of vehicles on the road.

Definition:

Motor vehicle insurance, often referred to as auto insurance, is a type of coverage that offers financial protection to individuals who own or operate vehicles like cars, motorcycles, or trucks. When you have motor vehicle insurance, you pay regular premiums to an insurance company, and in return, the insurer helps cover the costs associated with accidents, damages, and injuries related to your vehicle. This insurance market is essential for providing security and financial assistance in case of accidents, ensuring that individuals can repair or replace their vehicles.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance of land motor vehicles

Accident insurance
Insurance for aerial vehicles
Insurance for watercraft
insurance for spacecraft
All other insurance types, such as life insurance and health insurance
Reinsurance

The Motor Vehicle Insurance market in Kazakhstan has been experiencing significant growth and development in recent years. Customer preferences in Kazakhstan show a growing demand for comprehensive motor vehicle insurance coverage, driven by an increasing awareness of the importance of financial protection in case of accidents or theft. Customers are also seeking policies that offer additional benefits such as roadside assistance and coverage for natural disasters. Trends in the market indicate a shift towards digitalization, with more insurance companies in Kazakhstan offering online platforms for purchasing and managing motor vehicle insurance policies. This trend is in line with global developments in the insurance industry, as digital channels become increasingly popular for customer convenience and efficiency. Local special circumstances in Kazakhstan, such as a rise in the number of vehicles on the road and an increase in disposable income among the population, have contributed to the growth of the Motor Vehicle Insurance market. As more people in Kazakhstan own cars, the demand for insurance coverage to protect their vehicles and finances has naturally increased. Underlying macroeconomic factors, including stable economic growth and regulatory reforms in the insurance sector, have also played a role in shaping the Motor Vehicle Insurance market in Kazakhstan. The overall positive economic environment has boosted consumer confidence and spending power, leading to a higher uptake of insurance products in the country. Additionally, regulatory changes aimed at improving transparency and consumer protection have helped to strengthen the market and build trust among customers.

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.

As the population of the United States grows, so too does the number of drivers on the road and thus the customer base for motor insurance. In 2022, there were over 280 million registered vehicles on the roads in the United States. Of those millions of registered vehicles, each year there are also millions of vehicle crashes. Road traffic fatalities in the U.S. peaked in 2021. So while many individuals feel secure in their vehicles, the statistics indicate the importance of automobile insurance and in most cases, auto insurance is required by law. Auto insurance is important because it not only covers any physical damage that may occur in an accident, but also any damage or injury that might be caused because of a vehicular accident or which may be done upon oneself or one’s vehicle by another vehicle or accident – a falling tree for example.