In 2024, Eurasia attracted a record-breaking $170 million, which is nearly 70% of all reinsurance premiums from non-residents.

Kazakhstani economists are increasingly insisting that the country must expand its non-oil exports — a goal that is both logical and worth actively pursuing.

Exports of raw materials, such as hydrocarbons and metals, still represent a major source of revenue for the state budget and remain a key channel for foreign currency inflows. Maintaining a positive balance of payments is essential for ensuring the stability of the tenge. In light of this, the government and the National Bank are intensifying their efforts to identify new sources of foreign exchange.

Fortunately, attracting foreign currency isn't limited to external borrowing alone — the long-standing experience of the insurance company Eurasia over the past two decades is clear proof of that.

Exporting Insurance

According to the National Bank of Kazakhstan, in 2024 the country’s financial sector (excluding insurance) exported services worth $930 million, while importing $651 million.
Over the same period, insurance companies exported services — in other words, accepted reinsurance premiums from abroad — amounting to $265 million. At the same time, they ceded nearly $80 million in premiums to foreign insurers, classified under insurance and pension-related services.

Globally, demand for reinsurance capacity is steadily rising, fueled by the growing impact of climate change. Natural disasters are becoming both more frequent and more destructive.
Kazakhstan is no exception to this trend. The country is currently working on the development of a national insurance model to protect residential property from catastrophic risks.

For Eurasia Insurance Company, Kazakhstan’s largest domestic reinsurer, the rise in global risk presents an opportunity to attract even more foreign clients and, consequently, foreign currency, into the country. In 2024, Eurasia accounted for 66.97%, or 80 billion tenge, of all inward reinsurance premiums from non-residents, representing a significant contribution to Kazakhstan’s financial exports. This demonstrates that it is entirely feasible to build an insurance business in Kazakhstan that serves not only domestic but also international markets.

This year, Eurasia Insurance Company celebrates its 30th anniversary. Over the past three decades, it has become the leading exporter of financial services among all insurance companies in Kazakhstan, having collected $170 million in reinsurance premiums from foreign clients last year (based on the average annual exchange rate of 469.44 KZT per USD). In fact, out of the nearly $1.2 billion brought into Kazakhstan’s economy by financial and insurance institutions in total, over 14% was contributed by our company alone.

Remarkable Achievements

Eurasia Insurance Company was founded in 1995 as a small regional insurer with an initial capital of just 1 million tenge — approximately $17,000 at the exchange rate of the time (60.98 KZT per USD). In 2003, the company obtained a license to conduct reinsurance operations.
According to data from the National Bank of Kazakhstan, by the end of 2024, Eurasia's capital had reached 291 billion tenge, accounting for 45.6% of the total insurance market (as measured by the KOS indicator), while its assets exceeded 639 billion tenge, or 44.2% of the market. Last year alone, Eurasia earned more than 60.7 billion tenge — nearly half of the entire profit generated by the general insurance sector.

These are truly exceptional results, driven by the company’s diversification strategy both within Kazakhstan and well beyond its borders: today, Eurasia operates in over 100 countries around the world. In terms of business scale and key financial indicators, the company is comparable to Kazakhstan’s top ten banks.

Eurasia currently holds ratings from two international credit rating agencies. The first is from A.M. Best, which specializes in evaluating insurance companies: a financial strength rating of B++, a long-term issuer credit rating of bbb+, both with a Stable outlook. The second is from S&P Global Ratings, which has assigned a BBB rating with a Stable outlook — the highest among insurers in the CIS and even one notch above Kazakhstan’s sovereign rating.

Eurasia’s strong credit ratings serve as a key to entering international markets, enabling participation in some of the world’s largest and most complex projects. The company collaborates with a majority of the leading U.S. tech firms known as the “Magnificent Seven.” In addition, Eurasia has built longstanding partnerships with traditional global giants such as Boeing, Disney, BASF, Walmart, General Electric, Siemens, and many others.

Such distinguished companies do not entrust their risks lightly. Eurasia Insurance has earned this confidence over many years by consistently enhancing its expertise, improving underwriting standards, and streamlining claims settlement processes.
The company’s financial strength meets — and in some respects surpasses — the thresholds required for an ‘A’-level rating. The only limiting factor to further upgrades remains Kazakhstan’s sovereign rating.

A Long-Term Play

Kazakhstan’s financial sector has the potential to make a substantial contribution to the country’s export revenues — a point clearly illustrated by the track record of Eurasia Insurance. The domestic potential for inward reinsurance is far from exhausted: the country is strategically located near other Central Asian markets, and major global insurers are continuously seeking dependable reinsurance capacity.

The size of the local insurance market is inherently limited by the scale of Kazakhstan’s economy. The general insurance sector cannot rely solely on internal resources for accelerated growth. In contrast, inward international reinsurance offers a real avenue for expansion by bringing in foreign currency premiums while supporting risk diversification.

Reinsurance is a borderless industry with vast opportunities — and one that can deliver a stable and consistent inflow of foreign capital. But to seize this opportunity, companies must meet rigorous standards in both financial resilience and technical competence.
Eurasia Insurance has steadily moved in this direction and is now recognized as a prominent international reinsurer and a leading representative of Kazakhstan’s insurance industry on the global stage.

Reinsurance is a business that rewards long-term commitment. Kazakhstan doesn’t need to have a massive domestic market to succeed internationally — just look at Singapore or Switzerland, whose reinsurers collect premiums many times greater than their national markets.
While financial exports may not fully replace oil revenues, they can serve as a vital supplementary source of foreign exchange. Today, Eurasia Insurance plays an increasingly important role in strengthening Kazakhstan’s financial stability by boosting annual inflows of foreign currency into the economy.

Link to the article: An Insurance Company Becaming Kazakhstan’s Largest Exporter of Financial Services