Current state of Kazakhstan’s insurance market and prospects of access for Russian insurers

Abstract

The article analyzes the current state of the insurance market of Kazakhstan, which is characterized by the reduction of concentration of insurance companies, the growth of collected insurance premiums and improvement of legislation. Thanks to active government policy of reforming the insurance sector, the investor’s interest to Kazakhstan’s insurance market has grown and competition between the current insurers has increased. Despite the development of the insurance sector in accordance with the European standards and intention to attract foreign investors, there are some restrictions for foreign companies to enter the insurance market of Kazakhstan.