Eurasia Insurance Company

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Eurasia Insurance Co.

Type	JSC
Industry	Financial services
Founded	July 31, 1995; 27 years ago (1995-07-31)
Headquarters	Almaty , Kazakhstan
Key people	Boris Umanov (CEO, since 2003) Larissa Slabkevich (First Deputy CEO, since 2003) Nazym Tulchinsky (Deputy CEO, since 2003) Jantureyev Nurzhan (Deputy CEO, since 2014) Samat Kabdolov (Executive Director, since 2012) Nurmukhamed Tulbayev (Executive Director, since 2013) Nursaule Rakhmanova (Chief Accountant, since 2013) Nurlan Chalgimbaev (Managing Director, since 2016)
Products	compulsory and voluntary insurance classes, reinsurance
Revenue	US$316.03 million (2021)
Operating income	US$316.03 million (2021)
Net income	US$82.58 million (2021)
Website	www.theeurasia.kz/en/

Eurasia Insurance Company (Kazakh: Евразия Сақтандыру Компаниясы) is a Kazakhstan-based insurance company. As of 2013^[update], Eurasia Insurance company maintained its position as the largest insurance company in Kazakhstan in terms of assets, insurance reserves, equity and authorized capital, as well as the volume of insurance premiums.

As part of its overall business strategy, Eurasia places emphasis on the geographic diversification of risks and developing partnerships with companies around the world to achieve a good spread of premium income and exposure.

As of 1 August 2022^[update], Eurasia underwrote 86.77% of foreign inward reinsurance, 29.5% of MTPL insurance, 60.5% of all property lines of business in Kazakhstan insurance market.^[1] The premium income of Eurasia as of 01 August, 2022 amounted to USD239.87mln, claim payments totaled to USD 36.86mln, with retained earnings of USD 65.74mln.^[2]

Ratings[edit]

On 04 August 2022, rating agency A.M. Best affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Eurasia Insurance Company JSC (Eurasia) (Kazakhstan). The outlook of these Credit Ratings (ratings) is stable. This credit rating is the highest among insurance and reinsurance companies of CIS countries and Central Asia.^[3]

On 07 September 2022, Standard & Poor's Global Ratings affirmed its 'BBB' financial strength, issuer credit ratings and 'kzAAA' national scale ratings on Eurasia Insurance. Eurasia is the first ever institution in the Republic of Kazakhstan whose rating is higher than sovereign rating of the country.^[4]

Overview[edit]

The company was established in 1995 in Almaty, Republic of Kazakhstan, and is presently licensed to provide all types of covers under compulsory, voluntary insurance classes and reinsurance in accordance with the legislation of the Republic of Kazakhstan.

Eurasia Insurance Company is a permanent organizer of the Annual International Risk Management Conference since 2005.^[5][6] The event is held in Almaty.

Eurasia Life Insurance Company JSC incorporated in 2019 is a subsidiary of Eurasia Insurance Company JSC with 100% share.^[7]

Shares and Shareholder (Ownership)[edit]

Eurasian Financial Company JSC – 95%. The ultimate beneficiaries are the Ibragimovs family, as well as their partners Patokh Shodiev and Alexander Mashkevich.

Boris Umanov – 5%.

Reinsurance[edit]

Eurasia has a license №2.1.2 dated 09/03/22 to provide reinsurance support in accordance with the legislation of the Republic of Kazakhstan.

The company is included in the security lists of the leading global Reinsurers and is authorized to conduct business by the regulator of Latin American Countries and India.

Major portion of risks reinsured by Eurasia are located in USA, Europe, UK, Australia, Canada and India,^[8] and presently provides its reinsurance support in more than 130 countries worldwide.

Eurasia has the ability to insure reinsure all general classes of business and provides reinsurance cover for property insurance including business interruption and machinery breakdown, oil & gaz, construction/erection all risks, marine, aviation, general liability and personal accident.

As of 01 August, 2022, gross premiums written in the reinsurance segment amount to around USD 124 mln.

In connection with Eurasia’s global reinsurance support, the company participated in the settlements of several notable claims and catastrophic events, such as Atlantic Hurricane Season 2017, Kerala Flood 2018, Peru Flood 2019, Puerto Rico Earthquake 2020, Winter storm Uri (Texas Power Crisis) 2021.

International and national memberships[edit]

Eurasia is a member of the following organizations:

• The International Underwriting Association (IUA), the most influential non-governmental organization in the global insurance industry (London, UK)
• The Federation of Afro-Asian Insurers and Reinsurers (Turkey, Bahrain, Morocco)
• The International Union of Marine Insurance (Zurich, Switzerland)
• The Financial Institutions' Association of Kazakhstan

References[edit]