ASTANA, Kazakhstan, October 25. The international rating agency Standard & Poor's has revised the outlook for the rating of Kazakhstan's NOMAD Insurance JSC from "stable" to "positive", Trend reports.
At the same time, the long-term credit rating of the issuer and the financial stability rating of the insurance company were confirmed at the level of "BB" and the national scale rating of "kzAA-".
The positive change in the forecast, according to agency analysts, is due to a reduction in risks and a balanced investment policy, where about 65 percent of assets are bonds, cash, and deposits placed in local and foreign organizations with an average credit quality of "BBB-" and above.
NOMAD Insurance's capital in absolute terms increased by 28 percent. Agency analysts predict that capital adequacy in 2023–2024 will remain at least strong, reflecting the company's strong market position.
The agency expects capital metrics to remain strong due to the company's conservative approach to underwriting and cost optimization measures, including the planned reduction of the share of unprofitable business and profitable growth of insurance premiums.
"S&P's positive outlook is a reflection of the confidence of our clients and partners. Thanks to a stable and qualified staff, high automation of business processes, and the professional level of TOP management, the company occupies a leading position in the market and has a reputation as one of the country's most reliable insurers," said the Chairman of the Board of NOMAD Insurance, JSC Dauren Imanzhanov.
NOMAD Insurance has a strong market position among general insurance companies. The company is represented in three cities of republican significance and 17 regions of Kazakhstan, providing a wide range of insurance services for individuals and legal entities.
