Eurasia Insurance Company
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Eurasia Insurance Company JSC is a major Kazakhstani insurance company, one of the leaders of the insurance market of the Republic of Kazakhstan. For a number of years, the company has been ranked first in terms of earned premiums, insurance claim payments, assets;.[1], and controls about 25% of the country's insurance market[2]. The company's head office is located in Almaty.
According to the National Bank of the Republic of Kazakhstan as of October 1, 2023, Eurasia Insurance Company ranks first in the list of insurers in Kazakhstan in terms of assets, insurance reserves, equity and authorized capital, as well as in terms of earned premiums and insurance claim payments[3].
Business[edit]
Eurasia Insurance Company was founded in 1995 as a joint stock company[4]. Over the course of 28 years Eurasia Insurance Company has become the largest insurance company in the Republic of Kazakhstan, maintaining the status of the absolute leader of the country’s insurance market over the past 18 years in terms of key financial indicators[5].
The company is licensed to conduct business across all classes of insurance provided for by the legislation of the Republic of Kazakhstan[6], including classic property insurances: motor vehicles, property, cargo transportation, etc. Eurasia Insurance Company provides insurance services to both individuals[7] and corporate clients[8].
In the development of its business, Eurasia dedicates a large role to geographical diversification. Since 2003, the company has been operating in the international reinsurance market and today operates in more than 150 countries around the world[9]. The company accounts for over 80% of the total share of inwards reinsurance in the Republic of Kazakhstan[10].
In 2018, Eurasia Life Insurance JSC, a wholly owned subsidiary of IC Eurasia, received a license to carry out life insurance activities[11].
[edit]
The main shareholders of Eurasia Insurance Company are[12]:
Eurasian Financial Company JSC (EFC) – 95%, the ultimate beneficiaries being Alexander Mashkevich, Patokh Shodiev and the Ibragimovs family[13], who also control a 60% share of the Eurasian Group (ERG, formerly ENRC).
Boris Grigorievich Umanov – 5%.
On May 19, 2023, Kairat Chegebayev was appointed Chief Executive Officer of Eurasia Insurance Company[14], replacing Boris Umanov[15], who had been the CEO since 2002. In April 2023, Boris Umanov voluntarily resigned and vacated his seat in the Board of Directors, while retaining a minority share in the company.
Board composition[16]:
Kairat Chegebaev – Chief Executive Officer, member of the Board of Directors;
Samat Kabdolov – First Deputy CEO;
Nurzhan Dzhantureev – Deputy CEO;
Nurmukhamed Tulbayev – Deputy CEO;
Nurlan Chalgimbayev – Deputy CEO.
Ratings[edit]
Standard & Poor’s: On June 15, 2023, the rating agency confirmed the long-term credit rating of Eurasia Insurance Company at the BBB level, the forecast is “Stable”: the highest among insurance companies in the CIS countries, and one level higher than the sovereign rating of the Republic of Kazakhstan. The rating of Eurasia Insurance Company on the national scale remains at the level of kzAAA[17].
A.M. Best: On August 16, 2023, the rating agency confirmed the rating of Eurasia Insurance Company at B++ and the long-term credit rating at bbb+ with a stable outlook[18].
International membership[edit]
Eurasia Insurance Company is a member of the following international and professional organizations[19]:
IUA (International Underwriting Association) is the most authoritative public organization in the global insurance industry. Eurasia Insurance Company is the only insurer from the CIS countries accepted as a member of the International Underwriting Association (London, UK), since 2010.
F.A.I.R (Federation of Afro-Asian Insurers and Reinsurers), member of the insurance pools of the Federation of Afro-Asian Insurers and Reinsurers (Turkey, Bahrain, Morocco), since 2011[20];
IUMI (International Union of Marine Insurance) - international union of marine insurance (Switzerland, Zurich), since 2010[21]
The Association of Financiers of Kazakhstan (AFK) is a professional association of participants in the financial market of Kazakhstan, since 2010[22]
References[edit]
- ↑ "Annual Consolidated Financial Statements audited by an auditing organization for 2022" (PDF).
- ↑ "Глава СК «Евразия»: Мы страхуем нефтескважины в Мексиканском заливе, а на Каспии - нам не дают". Forbes.
- ↑ "Information on insurance (reinsurance) organizations by National Bank of Kazakhstan".
- ↑ "History of the Eurasia Insurance Company JSC".
- ↑ "Information on insurance (reinsurance) organizations by National Bank of Kazakhstan".
- ↑ "Insurance organizations of Kazakhstan".
- ↑ "Private Individual Insurance".
- ↑ "Corporate Incurance".
- ↑ "Countries that Eurasia IC works with".
- ↑ "Жесткий рынок дал зеленый свет казахстанским перестраховщикам". Kapital.kz.
- ↑ "History of Eurasia Life Insurance Company JSC".
- ↑ "Management of Eurasia Insurance Company JSC".
- ↑ "Management of EFCO".
- ↑ "Стало известно, кто пришел на место Уманова в СК «Евразия»". Kursiv Media.
- ↑ "Теперь официально: Уманов покидает пост председателя правления СК «Евразия»". Forbes.
- ↑ "Кайрат Чегебаев возглавил правление СК Евразия". Kapital.kz.
- ↑ "S&P подтвердило рейтинг страховой компании «Евразия» на уровне «BBB»". Kapital.kz.
- ↑ "AM Best подтвердило рейтинг страховой компании Евразия на уровне B++". Kapital.kz.
- ↑ "International membership of Eurasia Insurance Company".
- ↑ "Kazakhstan | FAIR 1964".
- ↑ "Member Associations".
- ↑ "Ассоциация финансистов Казахстана - реестр членов - страховые компании".
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