KAZAKHSTAN, 1H2012: Life insurance went up to 20.6% of the total market

13 September 2012 — Vlad BOLDIJAR
kazahstan-statisticsFollowing the results of the first half of 2012, underwritings in the Kazakhstan insurance market were KZT 112.42 billion, 10% more as compared with the similar period in 2011, reported the Insurance Supervisory Agency in Kazakhstan. In European currency, insurance companies in Kazakhstan have cumulated gross written premiums of EUR 598.3 million, representing, because of the appreciation of the local currency in relation to EUR, a nominal increase of about 23%.

On business lines, life insurance recorded one of the most spectacular growths, of 127%, summing up more than EUR 123 million. At the same time, the share of this class out of total underwritings rose to 20.6%, from 11.1% in 2011.

The volume of underwritings on the non-life insurance segment increase by 10%, to EUR 475 million (but decreased in local currency by 1.7%), because of the GWP collected in lower quantities on property insurance (-11%), respectively GTPL insurance (-17%).

At the same time, during the reference period, Kazakhstan insurers have paid claims for insurance contracts totaling EUR 174.47 million, 98% more than in January-June 2011. This spectacular change is due mainly the claims paid on property segment, in this case the value increasing by almost 300% (to EUR 25.3 million), on accidents insurance - by 117%, while on MTPL insurance segment, claims have increased by 84%, to almost EUR 27 million.

According to the figures, Top 5 insurance companies accounts for almost 46% of total premiums. The market leader, Insurance Company EURASIA - accounts for 16.8%, followed by HALYK-KAZAKHINSTRAKH - 10.9% and ALMATY International Insurance Group - 7.6%. Top 5 was completed by NOMAD Insurance - 5.3% and NOMAD Life - 5.2%.

Access www.xprimm.com and download the 1H2012 Kazakh insurance market statistics.
  • Market indicators (in EUR and KZT): GWP/Claims/Growth rates/Portfolio
  • Market rankings - Total/Life/Non-life (in EUR and KZT): GWP/Claims/Growth rates/Market shares

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