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Kazakhstan’s Victoria wins B+ AM Best rating amid questions over future direction

AM Best has assigned its B+ (good) financial strength rating to Kazakhstan’s Victoria Insurance Company, while acknowledging reinsurance regulatory changes in the country raise some questions about the insurer’s future direction.

Kazakhstan is slowly putting itself on the map in the eyes of the global insurance sector. In December 2010 RFIB opened an office in Almaty, the former capital and<br />major commercial hub of Kazakhstan, targeting energy, construction, property and cargo lines and providing support in protecting against natural catastrophes.

At the time, RFIB’s director for international business, Peter Talbot, said: “Kazakhstan has the highest insurance density of all central and eastern European countries after Russia. We believe this, along with its wealth of natural resources, geographical position bordering Russia and China and its proximity to the Middle East, means it offers tremendous potential for further growth.”

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