European traditions of life insurance in Kazakhstan
JSC LIC “European Insurance Company”
European Insurance Company is a life insurer from Almaty with a history dating back to 2006. The company began as the Kazakhstani subsidiary of the international Generali group, then operated under the PPF Insurance brand, and today develops under its own name. The company describes itself as the only foreign life insurance company in Kazakhstan. Its range covers risk and endowment life insurance, borrower protection, illness and accident programmes, and corporate employee insurance.
History: from Generali to its own brand
The company was registered in December 2006 as JSC Life Insurance Company “Generali Life”. The parent group, Assicurazioni Generali, is one of the oldest insurance groups in Europe: its history goes back to 1831, when the company Assicurazioni Generali Austro-Italiche was founded in Trieste, and its symbol became the Lion of St Mark. The group’s experience and standards formed the basis of the Kazakhstani company’s work.
In March 2013 the company was renamed JSC LIC “PPF Insurance”, and then received its current name — “European Insurance Company”. Through the changes of signage, the company has retained a European approach to underwriting and service, and in the corporate segment it continues to represent the international Generali Employee Benefits Network.
| Full name | JSC Life Insurance Company “European Insurance Company” |
|---|---|
| ARDFM licence | No. 2.2.4 dated 11.10.2022, “life insurance” line |
| BIN | 061240008233 |
| Chairman of the Management Board | Dmitry Nadirovich Nadirov |
| Chairman of the Board of Directors | Vaclav Audes |
| Major shareholders | Richard Benishek |
| Registration | December 2006 |
| Former names | “Generali Life”, “PPF Insurance” (since March 2013) |
| Line of business | life insurance |
| Corporate network | representative of the Generali Employee Benefits Network (GEB) |
| Head office | Almaty |
Shareholders and management
According to ARDFM, the major shareholder of European Insurance Company is Richard Benishek. The board of directors is headed by Vaclav Audes and the management board by Dmitry Nadirov. In the regulator’s register the company is not listed as a member of an insurance holding or insurance group, and the insurer’s former name is JSC Life Insurance Company “PPF Insurance”.
The company has no regional branches: all activity is run from the head office in Almaty, and sales in other cities are organised through partners — banks, financial organisations and car dealers — as well as through insurance agents, whose register the company publishes on its website.
Regulation and supervision
European Insurance Company is licensed and supervised by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM). The company operates under licence No. 2.2.4 dated 11.10.2022 in the “life insurance” line. Information on the management, major shareholders and composition of the governing bodies is published by the regulator in the register of financial organisations, and the company itself is required to comply with prudential standards on capital, insurance reserves and solvency.
Products for individuals
The company’s catalogue for individuals is varied. It includes both standalone programmes and products created together with partners — banks, financial and automotive companies.
Life protection
The “Life Plus”, “Family Protection” and “Financial Protection” programmes, non-savings life and illness insurance, and life and accident insurance — financial support for loved ones in the event of serious events.
Endowment insurance
A long-term programme that allows you to build capital steadily by a chosen date while protecting the policyholder’s life for the entire term of the contract.
For borrowers and cardholders
Non-savings borrower life insurance and credit cardholder insurance: if an insured event occurs, the payment helps settle obligations to the lender.
Health and travel
“Sick Leave Payment” compensates income during temporary incapacity for work, the “Emergency Assistance” programme is designed for unforeseen situations, and “Travel Without Worries” protects you during trips.
Corporate insurance
For employers, the company offers group life and accident insurance programmes that can be included in employees’ benefits packages. Participation in the Generali Employee Benefits Network is particularly useful for international companies operating in Kazakhstan: the network makes it possible to build uniform staff protection programmes in different countries, taking local legislation into account. Corporate programmes may include cover for death, disability, injuries and illness.
Client services
On the company’s official website you can pay insurance premiums online, find answers to frequently asked questions and read the section on what to do when an insured event occurs. The company discloses documents, financial and audited statements, tariffs, information on agent remuneration and a register of insurance agents — this lets you check whether an agent really represents the company. Telephone and the WhatsApp messenger are available for contact.
Important: many of the company’s products are sold through partners — banks and car dealers. If a policy is issued together with a loan, find out who the beneficiary is and what the consequences of early termination of the contract are.
How to report an insured event
Notify the company
Report the event by phone or through the “Insured event” section of the website within the periods specified in the contract.
Check the list of documents
It depends on the programme: for sick leave, a certificate of temporary incapacity for work; for an accident, medical documents; for borrower insurance, a bank statement of the outstanding debt.
Submit the application
Fill in the payment application and hand it in with the documents at a company office or in the way provided for in the contract.
Receive the decision
The insurer reviews the documents within the period set by the insurance rules and transfers the payment to the recipient.
The company’s strengths
- a history since 2006 and roots in the European Generali group;
- a wide choice of programmes — from borrower protection to sick leave and travel;
- representation of the international Generali Employee Benefits network;
- open reporting and a register of insurance agents on the website.