KAZAKHSTAN: January - October GWP increased 31.1% while profit of insurers fell more than 10%

21 November 2019 — Marina MAGNAVAL
As of November 1, 2019, insurers assets grew by 18% y-o-y and amounted to KZT 1,168.5 billion (EUR 2.69 billion). However, total retained profit dropped by 10.4%, to KZT 69.7 billion (EUR 0.16 billion), as Allinsurance.kz reports.

Insurers reserves increased by 21.9% (KZT 579.4 billion), equity - by 16.5%. Total market GWP for 10 months this year jumped 31.1% y-o-y, to KZT 416.2 billion (EUR 0.96 billion).

Non-life in the market portfolio continued to decline and its GWP share amounted to 62.3% at the end of October; at that life insurance accounted for 37.7% of total GWP, increasing its market weight (32.3% a year ago).

Market paid claims demonstrated impressive growth from January to September (+58.8% y-o-y) and reached KZT 123.7 billion (EUR 0.28 billion).

*EUR 1 = KZT 433.83 (as of 1 November 2019)



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