KAZAKHSTAN: life insurance provided 80% of the market y-o-y growth for January-July

29 August 2019 — Marina MAGNAVAL
During the January - July 2019 period, total market GWP increased by KZT 57.1 billion/~EUR 0.13 billion (+23%) y-o-y. At the same time, about 80% of that increase was provided by the life sector, as Allinsurance.kz reports.

Total market GWP as of August 1, 2019 amounted to KZT 302.3 billion (~EUR 0.7 billion). The life share in the market portfolio increased from 24.3% (a year ago) to 34.8%. The key driver of life insurance growth was pension annuity segment, which grew by almost 200%.

The most impressive growth rates among life insurers were recorded by Halyk-Life (+55%), European Insurance Company (+60%), NOMAD Life (+112%), Standard life (+258%).

Non-life GWP increased to KZT 197.1 billion (+9.6%). The leaders in terms of GWP are EURASIA (KZT 66.2 billion), Halyk (KZT 42.7 billion) and NOMAD Insurance (KZT 14.6 billion).

Total profit of the market for the period decreased by KZT 8.7 billion y-o-y. Only 10 companies of the 27 market participants showed profit growth. However, market concentration in terms of profit, despite this, is increasing - profit of TOP-5 insurers amounted to 72% of the market (vs 64% a year ago), Allinsurance.kz wrote.

*EUR 1 = KZT 428.15 (01.08.2019)

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