KAZAKHSTAN: for Jan-Nov 2018 the Motor Hull market share went up by 12% y-o-y

According to the National Bank of Kazakhstan as of December 1, 2018 the Motor Hull market share went up by 12% y-o-y, at the same time total number of the insured vehicles dropped by 4.5 % y-o-y, as allinsurance.kz informed.

The market specialists believe that the segment's market share increase mainly comes from the increase of the insurance cost. Average cost of insurance for individuals went up from KZT 50 thousand to KZT 54.6 thousand, the average cost of insurance for legal entities had a more significant increase - from KZT 74.7 thousand in 2017 to KZT 98.9 thousand in 2018.

The growth of the average policy cost and the segment's market share is directly related to the trends in the vehicle market. According to the Association of Kazakhstan AutoBusiness, for January-November in 2018 Kazakhstanis spent for new cars 33% more y-o-y. Total number of the cars, sold during the mentioned period, amounted to 55,162 units (vs 44,047 of cars for January-November 2017).

*EUR 1 = KZT 422.43 (01.12.2018)

EUR 1 = KZT 391.40 (01.12.2017)

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

KAZAKHSTAN: in 2018 motor insurance generated over 30% of non-life premiums

Based on 2018 result, motor insurance (MTPL and MoD) generated over 30% of non-life GWP. At that, according to the statistics of the National Bank, MTPL segment last year saw a significant concentration growth - TOP-5 generated 66.5% of GWP vs 47.6% in 2017 (total growth of MTPL amounted to 23% y-o-y).


KAZAKHSTAN: Unit-Linked may become a new market driver

Staring January 1, 2019 Kazakh life insurers may offer Unit-Linked products, charging an insurance fee that will depend on the investment results. Also this year insurance companies may get an investment broker license, as explained the Deputy chairman of the board of Nomad Life, Askar SHAKENOV.



GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).


MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.


HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.



Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.


Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.


See all