Total assets of insurance (reinsurance) organizations of Kazakhstan from the beginning of the year to the end of September 2024 grew by 13.4%, reaching KZT 2.8 trillion (~EUR 5.23 billion), mainly as a result of the growth of income from insurance activities, Allinsurance.kz reports referring to the Agency for Regulation and Development of Financial Market of Kazakhstan.

As of October 1, 2024, the largest share in the structure of assets is occupied by securities - 75.5% (KZT 2.1 trillion), cash and deposits in second-tier banks take up 4.9% (KZT 140 billion), insurance receivables - 4.6% (KZT 129 billion).

Liabilities of the insurance sector from January to September increased by 21.4%, to KZT 1.9 trillion as a result of the growth of insurance reserves, which reflects the growth of concluded insurance contracts and expected payments. Total equity in September increased by 2.8% to KZT 898 billion mainly due to profits received from insurance activities, but since the beginning of 2024 it has shown a decrease of 0.6%.

Net profit in the insurance market from January to September of this year amounted to KZT 156.6 billion thanks to income from insurance and investment activities.

From January to September, the number of concluded insurance contracts for individuals and legal entities amounted to 16.9 million units, which is 35.8% more y-o-y. The main growth comes from accident insurance contracts (3.9 million units, +160.4%) and life insurance (497.3 thousand contracts, +22.0%), according to the Agency.

* 1 EUR = 534.96 KZT (September 30th, 2024)