KAZAKHSTAN: in January-November the market grew by more than 25% thanks to voluntary property insurance

9 January 2024 — Marina MAGNAVAL
The insurance market in January-November 2023 amounted to KZT 876.1 billion (~EUR 1.74 billion), which is 25.5% more y-o-y. The main growth driver is voluntary property insurance, Allinsurance.kz wrote.

According to the National Bank of Kazakhstan, compulsory insurance amounted to KZT 173.3 billion (+13.8%). The growth occurred mainly in compulsory employee accident insurance (+30.3%).

Voluntary personal insurance for 11 months of 2023 amounted to KZT 313.9 billion (+23.1%). The growth was mainly due to an increase in accident insurance (+73.6%). Voluntary property insurance for the period amounted to KZT 389.0 billion (+33.7%). The growth was mainly due to an increase in motor vehicle insurance by 94.2% and property insurance by 18.1%.

Total paid claims for January-November 2023 amounted to KZT 244.3 billion (~EUR 0.48 billion), which is 47.7% more than for the same period in 2022. This was mainly due to an increase in paid claims in property and life insurance.

As of December 1, 2023, the insurance sector of the Republic of Kazakhstan was represented by 25 insurance companies, of which 9 are life insurers.

The assets of the insurance sector at the end of November 2023 amounted to KZT 2.4 trillion (+18.2% from the beginning of 2023), mainly because of revaluation of assets in foreign currency. The largest share is occupied by securities – 71.6% (KZT 1.7 trillion). Liabilities of the insurance sector at the end of November 2023 amounted to KZT 1.5 trillion (+19.4%) because of an increase in insurance reserves.

Total equity of insurers at the end of November reached KZT 899 billion (+16.0% y-o-y). The net loss on the insurance market in November 2023 amounted to KZT 8.1 billion, mainly due to revaluation of foreign currency (since the beginning of 2023 – KZT 188.2 billion).

*EUR 1 = KZT 502.95 (01.12.2023)



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