Freedom Insurance, a subsidiary of Timur Turlov’s Freedom Holding Corp., aims to capture a quarter of Kazakhstan’s general insurance market by 2030. This was announced by the company’s Chairman of the Management Board, Azamat Kerimbayev.
According to him, the company has been growing at a double-digit pace annually. While Freedom Insurance ranked 12th in the insurance market in 2022, by the end of 2025 it had climbed to third place among 15 general insurance companies.
“A combination of factors played a role here. In 2022-2023, the bank provided a powerful boost to the development of the Freedom Holding Corp. ecosystem. The launch of digital mortgage and auto lending brought us a strong inflow of clients. This helped us build capital and allocate resources to our own infrastructure. We see digitalisation not as replacing people with computers but as optimising processes. We have integrated with 23 government databases. All a client needs to do is give consent, and our insurance company automatically receives the necessary documents: ID, driver’s licence and vehicle registration,” Kerimbayev said.
Over the past two years, the company has been actively expanding across Kazakhstan’s regions. As a result, Freedom Insurance already controls more than 11% of the national market. In the retail segment, particularly compulsory motor insurance, the company’s share among individuals has reached 40%: out of 6 million vehicle owners purchasing insurance, 40% are Freedom Insurance clients.
Azamat Kerimbayev / Freedom Holding Corp. / photo by Valentin Petrenko
Kerimbayev noted that the industry is now awaiting a new insurance law, which could provide greater flexibility to the market and stimulate further growth.
“Our goal is ambitious – to capture 25% of the market by 2030. Today, such a share belongs to giants like Eurasia and Halyk, which have led the market for decades. To reach their level, we need to grow at least another 2.5 times within the next three to four years. This requires not only aggressive sales but also rational use of resources, ensuring that sales growth is accompanied by capitalisation growth rather than constant investment needs,” he added.
The Freedom Insurance chairman also pointed out that of the 14 companies holding compulsory motor insurance licences, 12 have a loss ratio exceeding 100%, meaning claims payments surpass collected premiums. Meanwhile, Freedom Insurance delivers an annual return of 18-20%. The company attributes its lack of losses to investment income, as well as the absence of costs related to branch networks and claims adjuster staff.
Freedom Insurance is also actively using computer vision and satellite technologies in its operations. These tools support the development of agricultural insurance, a segment with relatively low competition. “Agricultural insurance penetration in Kazakhstan is below 2%, meaning 98% of the market remains untapped. We launched the product in 2025 and aim to capture 10% of a market estimated at KZT 160 billion. Moreover, this technology can be easily exported to other countries,” Kerimbayev said.
According to unaudited financial statements for 2025, Freedom Insurance increased its authorised capital by 28.7% to KZT 17.3 billion. Based on data from the National Bank, the company’s assets reached KZT 114 billion as of 1 January this year, placing it among the top three players in the market by this indicator.
