Total premiums in compulsory insurance of workers against accidents in Kazakhstan for January-August of this year amounted to KZT 95.3 billion (~EUR 0.18 billion), which is 61.4% more y-o-y. It is noted that this class shows significant growth for the third year in a row, Allinsurance.kz writes.
Based on data from the National Bank
The ratio of paid claims to premiums also increased significantly: from 16.4% in January-August 2023 to 31.1% in January-August 2024. Paid claims in compulsory insurance of workers against accidents increased by 2.1 times, reaching KZT 29.6 billion (~EUR 55.8 million). Insurers complain about a decrease in profits in this insurance class. Insurance companies point to a sharp increase in the loss ratio.
GWP in in compulsory insurance of workers against accidents for January-August of this year accounted for more than half of all compulsory insurance premiums (52.3%) vs 39.9% for January-August 2023 and 8.8% of all premiums in the insurance sector (for January-August 2023 - 7.6%), the source notes.
*EUR 1 = KZT 530.69 (as of August 31, 2024)
