Kazakhstan’s insurance sector is showing strong momentum in 2025. Insurers are expanding their asset base, collecting more premiums, and most importantly, paying out significantly more to clients. The market’s growth is increasingly driven by life insurance and voluntary products, signaling a shift toward long-term financial protection, DKNews.kz reports.
25 insurers operate in Kazakhstan, including 10 life companies
As of December 1, 2025, Kazakhstan’s insurance sector consists of 25 insurance organizations, of which 10 specialize in life insurance. This structure highlights a gradual transformation of the market from basic coverage toward long-term savings and social protection products.
Assets grow by more than 21% since the start of the year
By the end of November 2025, assets of insurance and reinsurance companies reached 3.8 trillion tenge, rising by 1.4% over the month. Since the beginning of the year, assets have increased by a solid 21.1%.
The growth was mainly driven by higher income from insurance operations and increased investments in securities. Insurers are increasingly acting as long-term institutional investors rather than relying solely on premium collection.
Asset structure as of December 1 looks as follows:
- securities – 73.8%, or 2.8 trillion tenge
- cash and deposits in second-tier banks – 7.6%, or 289.7 billion tenge
- insurance receivables – 3.7%, or 141.9 billion tenge
This structure shows the growing investment-oriented nature of the insurance sector.
Liabilities rise faster, while capital declines due to dividends
In November 2025, liabilities of insurance organizations increased by 2.6% to 2.7 trillion tenge. Since the beginning of the year, liabilities have grown by 24.2%.
At the same time, own capital declined by 1.6% over the month to 1.1 trillion tenge, mainly due to dividend payments. Despite this, capital has still grown by 15.1% since the start of 2025.
This indicates that insurers remain financially stable and confident enough to distribute profits to shareholders.
Net profit reaches nearly 235 billion tenge
Net profit across the insurance market amounted to 7.7 billion tenge in November 2025. Since the beginning of the year, insurers have generated 234.8 billion tenge in net profit.
For a sector that not long ago played a secondary role in the financial system, this is a strong and meaningful result.
Fewer contracts, but higher premium volumes
From January through November 2025, insurers concluded 21.1 million insurance contracts with individuals and legal entities. This is 0.4% fewer than in the same period of 2024.
However, fewer contracts did not translate into lower revenue. On the contrary, premium volumes increased.
In November alone, insurers collected 122.6 billion tenge in premiums. Since the beginning of the year, total premiums reached 1.5 trillion tenge, up 9.8% year-on-year.
The market is growing thanks to more expensive and longer-term insurance products.
Life insurance remains the key growth driver
The main driver of premium growth continues to be voluntary personal insurance. In this segment:
- premiums in November totaled 63.3 billion tenge
- premiums since the beginning of the year reached 739.1 billion tenge
This represents a 5.4% increase compared to the same period last year.
Growth was primarily driven by:
- pension annuity insurance – up 6.4%
- life insurance – up 15.3%
These figures reflect rising interest among Kazakhstan’s citizens in long-term financial security and income protection.
Property insurance shows even faster growth
Voluntary property insurance demonstrated stronger dynamics. Premiums in this segment amounted to 40.2 billion tenge in November and 491.5 billion tenge since the beginning of the year.
Year-on-year growth reached 18.9%, mainly due to a 19.8% increase in premiums for property damage insurance.
Mandatory insurance grows steadily
In mandatory insurance, premiums collected in November totaled 19.1 billion tenge, while year-to-date premiums reached 238.4 billion tenge. This represents a 6.6% increase compared to the previous year.
The largest contribution came from compulsory motor third-party liability insurance, where premiums grew by 17.6% to 108 billion tenge.
Insurance payouts rise sharply
Insurance payouts are another key indicator of market maturity. In November 2025, insurers paid out 38.0 billion tenge across 143.8 thousand claims.
Since the beginning of the year, total payouts reached 403.0 billion tenge, representing a sharp 33.9% increase year-on-year.
The strongest growth was recorded in voluntary personal insurance, where payouts surged by 47.1% to 133.4 billion tenge.
In 2025, Kazakhstan’s insurance market is clearly entering a new phase. It is no longer just a formal part of the financial system, but a sector that actively invests, generates profit, and most importantly, fulfills its core function by paying claims.
The rapid growth of life insurance, pension annuities, and property coverage reflects a changing financial mindset among Kazakhstan’s population. If this trend continues, the insurance sector could become one of the most stable pillars of the country’s financial system in the coming years.
