As of May 1, 2023, the largest share in the asset structure is occupied by securities - 70.2% (KZT 1.6 trillion). Liabilities of the insurance sector at the end of April amounted to KZT 1.4 trillion (growth since the beginning of 2023 by 10.1%).
Equity increased to KZT 846 billion mainly thanks to the net income from insurance activities (+9.1% since the beginning of 2023). Net profit in the insurance market from January to April 2023 amounted to KZT 67.1 billion.
Since the beginning of 2023, the number of concluded insurance contracts for individuals and legal entities amounted to 4,615 thousand units, which is 30.6% more y-o-y. The main growth was observed in contracts for insurance against accidents and insurance of civil liability of vehicle owners.
GWP for the first 4 months of 2023 amounted to KZT 322.5 billion, which is 18.0% more y-o-y. The main driver of growth here is voluntary property insurance.
Compulsory insurance generated KZT 59.3 billion since the beginning of the year (+31.5%). Voluntary personal insurance from January to April amounted to KZT 92.9 billion, which is 0.5% less y-o-y.
Voluntary property insurance since the beginning of the year amounted to KZT 170.4 billion (+26.3%). The growth was mainly due to an increase in motor transport insurance by 136.9% and property insurance by 11.6%.
Paid claims from the beginning of 2023 to the end of April amounted to KZT 77.7 billion (+38.7%). The increase was mainly due to an increase in paid claims for property insurance and employee accident insurance.
As of May 1, 2023, the insurance sector of the Republic of Kazakhstan is represented by 26 insurance organizations, 10 of which are engaged in life insurance.
*EUR 1 = KZT 496.32 (30.04.2023)
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