The insurance sector of Kazakhstan: current trends and key features

In the context of the transformation of the financial system of the Republic of Kazakhstan, the insurance market is gaining particular importance as an instrument for ensuring economic stability and social protection. The purpose of this study is to conduct a comprehensive analysis of the dynamics of the insurance market development in Kazakhstan for the period 2017–2025, to identify the key factors determining its efficiency, and to develop recommendations for enhancing the sustainability of the insurance sector. The study employs comparative, statistical, and coefficient analysis methods, as well as institutional and systemic approaches, which made it possible to examine the relationship between insurance premiums, claims, profitability, and macroeconomic indicators. The results of the analysis demonstrate the progressive development of the insurance market, reflected in the growth of insurance premiums and claims, an increase in insurance density and penetration, and the maintenance of positive industry profitability. The main drivers of growth include digitalization, regulatory reforms, and the expansion of insurance products, while the limiting factors are a low level of insurance culture and dependence on macroeconomic fluctuations. The scientific novelty of the study lies in a comprehensive assessment of the efficiency of the insurance sector through a system of analytical coefficients. The practical significance of the work lies in the possibility of applying the results to improve state policy and strategies for the development of Kazakhstan’s insurance market.

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