KAZAKHSTAN, Q1/2013: 41% increase for the insurance companies

4 July 2013 — Olesea ADONEV
kazakhstan2Between January-March 2013, the insurance companies in Kazakhstan underwrote premiums totalizing KZT 72.01 billion (EUR 363 million), 41.1% more compared to the same period in 2012. The paid claims reached KZT 13.2 billion (EUR 66 million), increasing by 7.6% compared to Q1/2012.

As far as mandatory insurance policies are concerned, the gross written premiums increased by 34.2%, up to KZT 10.4 billion (EUR 52 million), while on the voluntary insurance for persons, the underwritings reached KZT 33.2 billion or EUR 167 million (+61.3%), and the voluntary property insurance reached KZT 28.33 billion (EUR 142 million), 25% more compared to Q1/2012.

According to the official results, in Q1/2013, the premiums ceded in reinsurance totalized KZT 18.48 billion (EUR 93 million) or 25.6% of the total underwritings volume. Moreover, the premiums ceded in reinsurance to non-resident partners decreased to 21.3%, compared to 26.1% in Q1/2012, as a result of the new rating requirements for non-resident reinsurers, norms that entered into force in 2012.

According to these new norms, the company's own retention at the end of the fiscal year must not be under 40%, and the premiums ceded in reinsurance to non-resident partners must not exceed a 25% quota.

According to experts, the insurance market in Kazakhstan will maintain its growth trend in 2013, increasing by 10-15%. At the moment, insurance represents around 0.6% of the country's GDP.

In the analyzed period, 35 re/insurance companies were activating on the Kazakhstan insurance market, out of which 7 operate on the life insurance segment. At the same time, the brokerage market includes 13 insurance brokers and 87 actuaries.

Access www.xprimm.com and download the 1Q2013 Kazakh insurance market statistics.

Market indicators (in EUR and KZT):
  • GWP
  • Claims 
  • Growth rates
  • Portfolio
Total, life and non-life market rankings (in EUR and KZT):
  • GWP
  • Claims
  • Growth rates
  • Market shares

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