Kazakhstan, the world’s ninth-largest country by area, has long served as a reliable transport corridor between Europe and Asia. At the same time, it is the world’s largest landlocked country. The vast majority of cargo and goods are transported by land. Kazakhstan has been successfully leveraging its transit potential, steadily increasing freight volumes carried by rail and road, as well as through its extensive pipeline network.
The country’s main maritime gateway is the Caspian Sea, the world’s largest inland body of water. From there, cargo is transported overland through Azerbaijan, Georgia and Türkiye before reaching the Black Sea. This transit corridor has also been experiencing significant growth in recent years and is operating close to the limits of its existing capacity.
The reverse flow, from Europe to Asia, is also making increasing use of the Caspian route. Türkiye has emerged as a major hub connecting Europe with Central Asia and China, further strengthening the strategic importance of the Trans-Caspian corridor.
Traditionally, due to its geographical position, Kazakhstani insurance companies have participated in marine insurance primarily as reinsurers. The domestic market has remained relatively small, largely focused on inland waterway transport and the Caspian fleet.
In recent years, however, the Kazakh government has placed a strong strategic emphasis on developing the Caspian route as an alternative to traditional overland corridors through Russia. Active construction of vessels is underway at Caspian shipyards, with the overall cargo capacity of the fleet increasing year by year. In addition, the construction of the Trans-Caspian Fiber-Optic Cable System across the seabed of the Caspian Sea has recently been completed. These developments reflect the growing strategic and logistical importance of the Caspian.
The growth of the marine insurance market is already visible in the numbers. In 2025, Kazakhstani insurers generated a total of USD 8.8 million in premiums for marine hull insurance and marina third-party liability. In the first half of 2026 alone, premiums reached USD 14.3 million. Full-year growth in marine insurance premiums is expected to reach at least 50%. This growth is being driven not only by premiums from international inward reinsurance but also by the expansion of the domestic market.
Given the relatively small size of the marine insurance market, Kazakhstan does not have a dedicated marine insurance association, unlike many other countries. As a result, Eurasia Insurance Company, the largest insurer in the region with extensive marine reinsurance experience, is a direct member of the International Union of Marine Insurance (IUMI) — an unusual arrangement since usually only (marine) insurance associations are accepted as IUMI members.
Fifty years ago, the Caspian Sea was known internationally primarily as a major source of sturgeon and caviar for global markets. Following the emergence of Kazakhstan, Azerbaijan and Turkmenistan as independent Caspian states in the 1990s, international consortia began developing some of the region’s largest oil and gas fields. Oil and gas from the Caspian basin flowed onto global energy markets, transforming the region’s economic and geopolitical significance.
Today, the global role of the Caspian Sea is once again expanding, this time through the development of its transport and logistics potential.
In the foreseeable future, the Caspian Sea is unlikely to replace existing overland routes. Instead, it can complement them by providing additional cargo capacity and greater diversification of regional supply chains. Gradually, the Caspian Sea is becoming a fully fledged logistics and infrastructure hub not only for Kazakhstan, but for the wider Central Asian region.
Kazakhstan is well positioned to leverage its geographical advantage and continue increasing freight volumes through both land and maritime transport. Kazakhstani insurers are already gradually building their marine insurance expertise and are expected to play an increasingly active role in the international marine reinsurance market.
