AFS characterized the Insurance Market of Kazakhstan as at May 1, 2010 (on preliminary data)

/IRBIS, May 25, 2010/ - 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 at May 1, 2010 (according to preliminary data). According to FSA, as at May 1, 2010, in compliance with the licenses issued by the Agency, 41 insurance (reinsurance) organizations deal with insuring activity, at that 7 organizations have licenses for life insurance, 28 - licenses on compulsory insurance of transport owners' civil responsibilities. Also, on the market of insurance services 13 brokers and 63 actuaries are acting. Changing of main indicators, characterizing the condition of insurance sector of Kazakhstan (in bn. KZT) ---------------------------------------------------------------------------- Changing (in %) relative to value s ------------------------------ As at Indicator 01.05.10 For month Since year For year ------------------------------------ -------- Joint assets* 326.9 -0.2 +10.0 +12.2 Joint shareholders equity 188.1 +0.4 +4.2 +13.9 Insurance reserves 118.9 +0.4 +17.7 +11.6 Volume of insurance premiums, received by agreements for direct 52.5 +26.5 -* +51.3 insurance included: On compulsory insurance 10.5 +36.4 -* +26.5 On voluntary private insurance 11.3 +27.0 -* +56.9 On voluntary property insurance 30.7 +23.3 -* +59.1 Volume of insurance premiums on life insurance 4.8 +29.7 -* 1.9 times Sum of insurance premiums, given to reinsurance 29.3 +21.6 -* +41.5 Volume of insurance payments made by agreements of direct insurance 7.9 +33.9 -* +8.2 included: On compulsory insurance 3 +36.4 -* +11.1 On voluntary private insurance 3.6 +38.5 -* +44.0 On voluntary property insurance 1.3 +18.2 -* -38.1 ---------------------------------------------------------------------------- * on 01.01.10 the volume of insurance premiums on contracts of direct insurance amounted to 113,5 billion m. (including on mandatory - KZT30.5 billion for voluntary personal - KZT21.9 billion voluntary property - KZT60.9 billion). Volume of insurance premiums in the industry "Life insurance" - KZT9.3 billion. The volume of premiums allocated to reinsurance - KZT55.9 billion. The volume of insurance payments made under contracts of direct insurance - KZT27.8 billion (including on mandatory - KZT7.8 billion for voluntary personal - 8.8 billion m., on voluntary property - KZT11.2 billion). ** The amount of the assets listed by the proportion of the reinsurer (amended by Board of the National Bank of Kazakhstan # 86 of July 20, 2007) As of May 1, 2010 on reinsurance to non-residents of Kazakhstan transferred to 55.8% of total premiums (May 1, 2009, - 53.3%). Currently the system to guarantee insurance payments involving 31 insurance (reinsurance) organizations. In April, in order to eliminate violations of the law regulating the insurance market, to the FSA insurance (reinsurance) organizations were sent to 2 written prescriptions, 6 letters of commitment and held one written Agreement. As of May 1, 2010 in the process of forced liquidation has 4 insurance (reinsurance) organizations (JSC "SC" Rates Transit Police ", JSC" SIC "Rates Transit Life", JSC "IC" Altyn Polis JSC and NSC "NASCO- Kazakhstan). As of May 1, 2010 in JSC "Premier Insurance" option installed interim administration, the FSA introduced to ensure the safety of property and activities for the management of the insurance organization. At the meeting of the Board of the FSA, which took place April 30, 2010, on the regulation of insurance activities, was adopted by a number of decisions: - "On the Rules forming insurance reserves; - "On the Rules of the guarantee and compensation payments joint- stock company" Guarantee Fund premiums. [2010-05-25]