Global insurance and reinsurance broker Willis Towers Watson (WTW) is targeting market growth in Kazakhstan with the launch of a new operation to serve clients in the country.
The broker had previously operated in Kazakhstan through a smaller representative office, but recent regulatory approval now allows it to conduct insurance and reinsurance business in this Central Asian growth market.
WTW said that Willis Towers Watson Kazakhstan will enable it to offer more directly its full range of services and expertise to both local and global clients with an interest in the region.
Additionally, WTW has appointed Omarkhan Tleugabilov as Head of its Kazakhstan operations, who will lead a team of five from their base in Almaty.
“I’m delighted to mark our commitment to this high-potential market with a new business operation, team, and strategy,” said Pamela Thomson-Hall, Head of Central and Eastern Europe, Middle East, and Africa (CEEMEA) at WTW.
“We have a strong book of existing reinsurance clients with a current focus in the natural resources and infrastructure sectors,” she continued. “Our ambition now is to build on that foundation and drive our business forward, ultimately breaking into relatively unexplored parts of the Kazakh market.”
Tleugabilov also commented: “Our new operation will bring us one step closer to our clients and prospects, and enable us to deliver more of our global expertise and solutions to Kazakhstan, the largest economy in Central Asia. The country has comparatively low insurance market penetration, and we see that changing as the economy continues to grow and mature.”
