Insurance and Reinsurance Premiums Increased by 10.5% in Kazakhstan
OREANDA-NEWS. June 04, 2012. Kazakh insurance market premiums during the first four months of 2012 reached KZT74.8bn, an increase over the same period last year of 10.5%, - the press service of Eurasia Insurance Company JSC informed.
The market share of the five leaders as at 01 May this year amounted to 48% of total Kazakh premiums: Eurasia Insurance Company, 19.9%; Halyk - Kazakhinstrakh Insurance Company 12.0% ; Almaty International Insurance Group 6.0%; Oil Insurance Company 5.4%: Kazkommerts-life, 4.7%
As at 01 May 2012, Eurasia’s premium income amounted to KZT14.9bn, an increase of 14.7% over the same period last year. On 02 May 2012, the Authorized Capital of Eurasia was increased to KZT40bn equating to 42% of the aggregate capital of all the Kazаkh insurance companies.
As at 01 May 2012, Eurasia’s assets reached KZT74.0bn, an increased of 9.8% over the same period last year. Shareholder’s Funds Capital amounted to KZT48.2bn, an increase of 14.1%.
The most important indicator of an insurance company’s reliability is its insurance claim payments. Eurasia’s market share of claim payments was 18.6% (or KZT3.8bn) of total payments made by domestic insurance companies so far this year. Eurasia ranks first in terms of making insurance payments, - the press service reports.
Eurasia Insurance Company JSC was founded in 1995 and reinsures risks located in more than 75 countries worldwide and is placed 123rd in the world, by Standard & Poor's.
On March 2012, the international rating agency AM Best reaffirmed Eurasia Insurance Company’s financial strength ratings at ‘B++’ and its credit rating ‘bbb+’, with a stable outlook.
In September 2011, Standard & Poor's upgraded Eurasia’s long-term counterparty credit ratings and financial stability ‘BB’. The outlook on Eurasia’s ratings is "stable". At the same time, the rating of Eurasia on a national scale was affirmed at "kzA".