KAZAKHSTAN: in December 2018 insurers' assets exceeded KZT 1 trillion
Total insurance reserves increased to KZT 484.8 billion, and their year-to-date growth rate in December amounted to 5.3%. At that the share of insurance reserves in total market obligations is 90.4%. Insurers' total equity as of December 2018 increased by 13.7% to KZT 468.2 billion, while total charter capital went up only by 4% to KZT 233.4 billion. In terms of equity growth rate the leader is EURASIA (+31% y-o-y to KZT 143.3 billion).
Total GWP as of the end of November 2018 reached KZT 347.1 billion, however, GWP dropped by 5.7% y-o-y. At that KZT 82.4 billion of GWP were ceded in reinsurance (vs KZT 124.1 billion a year ago), which means growth of net premiums by 20.5% to KZT 264.7 billion.
For 11 months of 2018 total paid claims amounted to KZT 83 billion (+4.9% y-o-y). Considering paid claims under GWP ceded in reinsurance, net amount of paid claims reached KZT 74.2 billion (+9.7% y-o-y). As of the end of November 2018 paid claims decreased in voluntary personal insurance (-8.2%) and in compulsory types of insurance (-9.2%), but significantly went up in voluntary property insurance (+42.3%), as the statistics of the National Bank show.
For 11 months of 2018 net profit of the insurance market amounted to KZT 78.8 billion (KZT 27.3 billion more y-o-y). To compare - net profit for total 2017 amounted to KZT 57.4 billion. Core business income of the market increased by 3.5% to KZT 252.4 billion, and income of investment activity went up by 42.3% to KZT 78.4 billion. At that total expenses of insurers went up only by 1.7% to KZT 243.6 billion. Insurers with assets over KZT 50 billion own 68.8% of the market profit. As of November 1, 2018 profit of EURASIA amounted to almost KZT 34 billion (about 3 times more y-o-y). Net profit of Kommesk- for 10 months in 2018 increased by 15% y-o-y, allinsurance.kz wrote.
*EUR 1 = KZT 422.43 (01.12.2018)
Detailed survey (in Russian) of the Kazakh insurance sector can be found here.