KAZAKHSTAN: assets of the insurance market from January to October grew by more than 17% y-o-y

8 December 2021 — Marina MAGNAVAL
Total assets of insurance (reinsurance) companies in Kazakhstan for 10 months increased by 17.5% and as of November 1, 2021, amounted to KZT 1.75 trillion (~EUR 3.54 billion*). This is mainly due to the growth of insurance premiums and their investment in securities, Allinsurance.kz reports based on the data of the National Bank.

As of November 1, 2021, the insurance sector of Kazakhstan was represented by 27 insurance organizations, 9 of which work in life insurance. It is noted that in the structure of their assets the largest share (73%) belongs to securities - KZT 1.27 trillion. Reinsurance assets amounted to KZT 69 billion (3.9% of total assets). Insurance receivables amounted to KZT 56 billion or 3.2% of all assets.

Liabilities as of 01.11.2021 reached KZT 1 trillion, having increased since January by 24.1%, mainly due to the growth of insurance reserves, which occupy the largest stake - 84.1% or KZT 856 billion. Equity capital of the insurance sector at the beginning of November amounted to KZT 727 billion (+9.3%). Net profit, mainly derived from insurance activities, as of November 1, amounted to KZT 98.3 billion.

Total market GWP under insurance (reinsurance) contracts as of 01.11.2021 amounted to KZT 569 billion, which is 36.9% more y-o-y. Compulsory insurance premiums for 10 months of 2021 reached KZT 108 billion (+20.1%). The growth mainly occurred in the insurance of civil liability of vehicle owners (an increase of 21.7%). GWP in voluntary personal insurance amounted to KZT 245 billion (+58.7%). The increase was mainly due the growth recorded by life insurance and pension annuity contracts by 92.2% and 28.6%, respectively.

From January to October the segment of voluntary property insurance reached KZT 216 billion (+26.1%), mainly due to an increase in property insurance against damage by 23.3% and civil liability insurance by 96.3%.

The number of concluded insurance contracts for individuals and legal entities during the period increased by 34.6%. This growth is mainly due to an increase in the number of concluded civil liability insurance contracts for vehicle owners by 14%, travel insurance contracts by 3.8 times, life insurance contracts by 49.8% and accident insurance contracts by 2.2 times, the news portal writes with reference to the National Bank of Kazakhstan.

* EUR 1 = KZT 494.84 (30.10.2021)

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