Comparison Of Insurance Industries In China And Kazakhstan

As a result of globalization,deregulation and terrorist attacks,the insurance industry has gone through a tremendous transformation over the past decade.In the simplest terms,insurance of any type is all about managing risk.For example,in life insurance,the insurance company attempts to manage mortality rates among its clients.The insurance company collects premiums from policy holders,invests the money,and then reimburses this money once the person passes away or the policy matures.A person called an actuary constantly crunches demographic data to estimate the life of a person.This is why characteristics such as age/sex/smoker/etc.all affect the premium that a policy holder must pay.The greater the chance that a person will have a shorter life span than the average,the higher the premium that person will have to pay.This process is virtually the same for every other type of insurance,including automobile,health and property.The main purpose of this study is understand the insurance meaning,consider the principle and types of insurance in China and Kazakhstan and compare the insurance industry in China and Kazakhstan.First of all,during the research the concept of insurance,insurance market and insurance industry was considered.It is written about the history of insurance,its principles and structure,such as insurance market participants,insurance agents and companies,the state as the regulatory authority and its legislation.Further,the insurance markets of Kazakhstan and China,their structure,types of insurance,insurance payments and premiums are considered.All this is analyzed by reliable statistical data,made graphs and tables for comparison in chronological order.In addition,written about the concept of Islamic insurance Takaful,its principles,opportunities and prospects of implementation in Kazakhstan,based on the example of the Malaysian insurance market.In conclusion,made comparative analysis of the insurance markets of Kazakhstan,China,Russia and the United States,through theoretical data and SWOT analysis.