At the same time, 18 insurance classes out of 31 on the market recorded a cumulative increase by KZT 64.2 billion, while 13 other classes, on the contrary, decreased by KZT 16.4 billion, thus, total GWP increase was KZT 47.8 billion (EUR 93.85 million*) y-o-y.
It should be noted that life insurance (+14.6%) maintained the best result, thereby increasing its share in the market portfolio over the year to 39.8%. Non-life insurers demonstrated more modest growth rates for the period (+7.9%).
Among the life insurance segments, the main growth in this sector is provided by voluntary insurance (+25%), GWP of which amounted to KZT 83.3 billion at the beginning of December. According to the experts, the main factor is the growth of bancassurance, as well as the growth of interest in cumulative and investment life insurance products.
On the other hand, despite the crisis, non-life insurance sector also saw positive dynamics. Voluntary property insurance in the first 11 months of 2020, according to the National Bank, grew by 25% to KZT 103 billion, as experts believe, due to the growth of inward international reinsurance. In addition, growth was also recorded in motor insurance classes - MTPL increased by 5% to KZT 73.5 billion, and Motor Hull - by 6% to KZT 25.8 billion.
Thus, experts believe that the results by the end of 2020 should be relatively good for the insurance market in Kazakhstan.
* at the following exchange rate:
EUR 1 = KZT 509.29 (as of 01.12.2020)