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

/IRBIS, Dinara Mukasheva, October 28, 08/ - Agency of Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (AFS) in its scheduled press-release dedicated to condition of the republic's financial market and financial organizations has characterized Kazakhstan insurance market as of October 1, 2008 (according to preliminary data). According to AFS, as of October 1, 2008, in compliance with the licenses issued by the Agency, 44 insurance (reinsurance) organizations deal with insuring activity, at that 8 organizations have licenses for life insurance, 29 - 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 As of As of Indicator October Sept. Jan Oct. 1,08 1,08 1,08 1,07 ----------------------------------------- ------- ----- ----- ---------- Joint assets* 281.7 -1.8 +26.0 +56.0 Joint shareholders equity 162.1 +0.2 +28.3 +46.8 Insurance reserves 97.1 -9.2 +12.4 +6.1 Volume of insurance premiums, received by agreements for direct insurance incld: 108.8 +8.7 -26.1 -1.5 On compulsory insurance 23.2 +13.2 +28.2 +50.6 On voluntary private insurance 15 +11.1 +1.4 +22.0 On voluntary property insurance 70.6 +6.8 -29.8 -14.7 Volume of insurance premiums on life insurance 4.2 +13.5 -10.6 +20.0 Sum of insurance premiums, given to reinsurance 52.6 +13.9 -14.7 +13.4 Volume of insurance payments made by agreements of direct insurance incld: 48.6 +21.8 -1.2 +48.6 On compulsory insurance 6.3 +14.5 +21.2 +53.7 On voluntary private insurance 5.9 +15.7 +59.5 +2.0 times On voluntary property insurance 36.4 +24.2 +6.7 +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) Currently in the system of guaranteeing the insurance payments 32 insurance (reinsurance) organizations are participating. As of September 1, 2008 with objectives of removal the abortion of legislation, regulating the activities of insurance market, 3 letter-directions, 1 written liability and 2 written notifications were directed by the Agency to the address of insurance organizations. According to AFS Resolution #152, dated October 2, 2008 the effect of the license, given to IC Atlanta Polis JSC for conducting insurance activity had been stopped for 3 months. According to AFS Resolution #151, dated October 2, 2008 the effect of the license, given to NIC NASCO-Kazakhstan JSC for conducting insurance activity had been stopped for 6 months. As of October 1, 2008 there are 2 insurance (reinsurance) companies (IC Valut-Transit Polis, IO Kazagropolis OJSC) in the forced liquidation process by court decision. [2008-10-28]