Property Insurance - Kazakhstan | Statista Market Forecast

The Property Insurance market market in Kazakhstan is expected to reach a projected market size (gross written premium) of US$845.30m in 2024.
This indicates a positive growth trend in the country's Property Insurance market sector.
Furthermore, the average spending per capita in the Property Insurance market market is estimated to be US$42.63 in 2024.
This suggests that individuals in Kazakhstan are allocating a significant portion of their budget towards Property Insurance market coverage.
Looking ahead, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 3.09%.
This steady growth trajectory is projected to lead to a market volume of US$984.30m by 2029.
It is worth noting that in a global context, the United States is expected to generate the highest gross written premium, amounting to US$240.4bn in 2024.
This indicates the significant scale and importance of the Property Insurance market the United States compared to other countries.
Kazakhstan's property insurance market is experiencing steady growth due to increasing urbanization and infrastructure development.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

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 for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

The Property Insurance market in Kazakhstan is experiencing a significant growth trajectory, driven by various factors shaping the industry landscape in the country.

Customer preferences: Customers in Kazakhstan are increasingly recognizing the importance of protecting their properties against unforeseen events such as natural disasters, fires, and theft. As a result, there is a growing demand for property insurance products that offer comprehensive coverage and financial security. Moreover, the rising disposable income levels among the population are enabling more individuals to invest in insurance policies to safeguard their valuable assets.

Trends in the market: One of the prominent trends in the Property Insurance market in Kazakhstan is the introduction of innovative insurance products tailored to meet the specific needs of customers. Insurers are focusing on developing flexible and customizable policies that cater to different types of properties, including residential homes, commercial buildings, and industrial facilities. Additionally, there is a noticeable shift towards digitalization in the insurance sector, with more companies offering online platforms for purchasing policies and managing claims efficiently.

Local special circumstances: Kazakhstan's geographical location makes it prone to natural disasters such as earthquakes and floods, highlighting the importance of property insurance for homeowners and businesses. This unique environmental factor has significantly influenced the growth of the insurance market in the country, as individuals seek protection against potential risks associated with living in such areas. Furthermore, the government's initiatives to promote insurance awareness and improve regulations have also contributed to the development of the Property Insurance sector in Kazakhstan.

Underlying macroeconomic factors: The overall economic stability and growth in Kazakhstan have played a crucial role in driving the expansion of the Property Insurance market. As the country continues to develop and urbanize, the construction of new properties and infrastructure projects has increased the demand for insurance coverage. Moreover, the regulatory reforms aimed at enhancing transparency and consumer protection have instilled confidence in the insurance industry, encouraging more people to invest in property insurance policies for long-term security.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.