AFS characterized the insurance market of Kazakhstan as of June 1, 2008

/IRBIS, Dinara Mukasheva, June 20, 08/ - Kazakhstan agency for financial market and financial organizations regulation and supervision (AFS) in its scheduled press-release dedicated to condition of the republic's financial market has characterized the country's insurance market as of June 1, 2008. According to AFS, as of June 1, 2008, in compliance with the licenses issued by the Agency, 43 insurance (reinsurance) organizations deal with insuring activity, at that 8 organizations have licenses for life insurance, 28 - licenses on compulsory insurance of transport owners' civil responsibilities. Also, on the market of insurance services 12 brokers and 49 actuaries are acting. Changing of main indicators, characterizing the condition of insurance sector of Kazakhstan (in bn. KZT) ------------------------------------------------------------------------------ Changing (in %) relative to values ------------------------- As of As of June As of May As of Jan June Indicator 1,08 1,08 1,08 1,07 ----------------------------------------- ---------- --------- --------- ----- Joint assets* 260.8 -0.2 +16.6 +71.2 Joint shareholders equity 143.1 +3.5 +13.3 +56.1 Insurance reserves 102.3 -3.3 +18.4 +25.2 Volume of insurance premiums, received by agreements for direct insurance 52.1 +19.2 -64.6 -7.3 Volume of insurance premiums on life insurance 1.8 +50.0 -61.7 0 Sum of insurance premiums, given to reinsurance 24.3 +17.4 -60.6 -15.6 Volume of insurance payments made by agreements of direct insurance 16.0 +15.9 -67.5 +41.6 ------------------------------------------------------------------------------ * Sum of assets is indicated with consideration of stake of re-insurer (changes, included by resolution of Board of NB RK ¦86 dated July 20, 2007) The volume of insurance premiums on compulsory insurance made KZT7.7 bn. and increased by 60.5%, on voluntary private insurance - KZT7.9 bn. (+ 57.1 %) and on voluntary property insurance - KZT36.5 bn. (-2.1 %). The volume of insurance payments on compulsory insurance made KZT2.4 bn.(+2.3 times) and on voluntary property insurance - KZT11.2 bn. (+67.4%). Currently in the system of guaranteeing the insurance payments are participating 31 insurance (reinsurance) organizations. As of June 1, 2008 with objectives of removal the abortion of legislation, regulating the activities of insurance market, 9 letters-directions, 5 letter obligations were directed by the Agency to the address of insurance organizations. According to Resolution of Board of Agency dated January 5, 2008 #1 the license of Life insurance Company Valut transit Life has been stopped for 6 month period on right for conducting insurance activity of DSZH # 36-3/1, dated April 10, 2006 for not following the demands of prudential standards. In accordance with resolution #2 of Agency's Board, dated January 9, 2008 insurance company Valut transit Polis was withdrawn the license on conducting the insurance activity of ОС # 20-11/1 and DOC# 20-11/1, dated May 25, 2006 and for the right for conduction g activity on reinsurance of PD # 20-1/1 and DОС # 20-1/1, dated May 23, 2006 for not elimination the reasons of withdrawal. In accordance with resolution #48 of Agency's Board, dated March 28, 2008 the license #16 was given for creating of Joint Stock Company Insurance company Sak Insurance. In accordance with resolution #69 of Agency's Board, dated April 28, 2008 the license ОС # 17-4/1, DОС # 17-4/1, dated July 14, 2006, given to KK ZMC INTERTEACH was resumed. In accordance with resolution #75 of Agency's Board, dated May 26, 2008 the license of National insurance company NASKO-KAZAKHSTAN on conducting the insurance activity of # 30-3/1, dated February 21, 2008 was stopped for 3 months period for not following the demands of prudential standards. As of June 1, 2008 there are 2 insurance companies are the forced liquidation by court decision. [2008-06-20]