Kazkom Life: How developed is Kazakhstan’s life insurance industry? | World Finance

Kazkom Life: How developed is Kazakhstan’s life insurance industry? | World Finance

World Finance: It’s the size of Europe and
rich in natural resources, but Kazakhstan’s economy has been suffering since the downturn
in oil prices. Still, its financial services industries have been
evolving, after recovering from the 2008 crisis. Joining me is Abylai Jakishev from insurer
Kazkom Life. Abylai; how developed is Kazakhstan’s life
insurance industry? Abylai Jakishev: Life insurance industry in
Kazakhstan has been actively developing in the last 10 years. It’s only nine percent of the population in
Kazakhstan who are covered by insurance; the main part of the insured are borrowers or
financial institutions. And as the adjustment of the national currency
in 2015, it has been issued new insurance products for customers, that are bound
to the national currency. One of the major events which took place in
2015 was the merger of two big companies: BTA Life and Kazkommerts Life. The company takes first place in insurance
reserves, the second place for assets. We’re also leading in cumulative insurance – it has signed more than 30,000 insurance agreements. World Finance: Nine percent penetration is
quite low; are there reforms needed in order to expand insurance through Kazakhstan? Abylai Jakishev: Yes, it is very necessary
to develop online insurance. It will help us to clear the path to our clients,
by selling new products online via internet, mobile applications, and other services. As well as leaving the insurance agents on
the side. It is very important to create insurance products
that are more affordable, and more understandable for customers. We also started contacting foreign brokers
as well as foreign markets for future cooperation. World Finance: What can we expect in the next year or two: any foreign entrants coming into Kazakhstan? And what is Kazkom Life doing? Abylai Jakishev: There are only seven participants
in the life insurance market today, and we do not anticipate any change in the number
of players in the market. With the arrival of a new major shareholder,
Kazkommerts Life has changed its strategy. We are improving on the quality of our customer
service at the moment, and willing to get more audience and clients on the market. World Finance: Abylai, thank you very much. Abylai Jakishev: Thank you. Thanks for watching. You can find out more about Kazakhstan’s insurance industry at www.worldfinance.com And please subscribe for more insurance stories,
as well as all the latest insights from World Finance.

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