KAZAKHSTAN: in January-July MTPL paid claims increased by 18% y-o-y amid the rapid aging of the fleet

5 September 2019 — Marina MAGNAVAL
Between January - July this year, Kazakh insurers paid KZT 16.7 billion (~EUR 39 million) in the most popular individual insurance class, MTPL, which is 18% more y-o-y, according to Allinsurance.kz.

Total number of payments went up by 13% y-o-y. The average insurance payment amount increased by only 4%. Experts explain such a slight increase by the country's fleet ageing, which affects repair costs after accidents.

According to the Association of AutoBusiness of Kazakhstan (AKAB) 82.2% of the country's fleet are passenger cars. Moreover, as the data of the National Bank of Kazakhstan on August 1, 2019 show, only about 77% of vehicles in the country are covered by insurance. About half of the vehicles, registered in Kazakhstan, are older than 20 years.

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