KAZAKHSTAN: Jan.-Feb. voluntary health insurance increased by 36% y-o-y amid a decline in segment's loss ratio

24 March 2020 — Marina MAGNAVAL
GWP for voluntary health insurance in January-February increased by 36% y-o-y and amounted to KZT 13 billion (~EUR 30.9 million), while its market share (10.4%) remained mostly unchanged compared to previous year, Allinsurance.kz reports.

Market experts believe that this trend is caused by increasing costs of medical services and medicines.

At the end of 2019, specialized health insurers predicted an increase of medical expenses by an average of 25% in 2020 and an increase in their GWP by at least 10%. At the same time, the total number of insured individuals as of March 1, 2020 decreased to 157 thousand (vs. 164 thousand a year ago), 4% less y-o-y, while the average policy cost, on the contrary, grew by almost 42%.

The loss ratio (share of paid claims in premiums) of the voluntary health insurance as of March 1, 2020 decreased and amounted to 27% (vs. 45% a year ago).

* EUR 1 = KZT 420.81 (as of March 1st, 2020)
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