KAZAKHSTAN: motor insurance accounts for over 30% of the market portfolio, while about a quarter of all vehicles in the country are not insured

12 December 2018 — Marina MAGNAVAL
Motor insurance lines in Kazakhstan (compulsory MTPL and Motor Hull conjunctively) account for over 30% in the market non-life portfolio, according to the 10 months results; at that about 24% of the registered vehicles are not insured, as Allinsurance.kz wrote.

Insurance statistics published by the regulator (the National Bank of Kazakhstan), show that GWP of compulsory civil liability insurance for vehicle owners increased by 21% (by KZT 8.5 billion). As of now the share of this compulsory insurance in total market non-life segment amounts to 23.1%. Growth rate of Motor Hull from January to October amounted to 16%, its share in non-life segment premiums reached 7.6 %. Thus, both motor lines together account to over 30% of the total portfolio.

However, on December 1, 2018 total number of registered vehicles of all types amounted to 4.45 million units, while total number of vehicles insured under compulsory civil liability insurance for vehicle owners as of November 1, 2018 amounted to 3.38 million units, which means that about 24% of all vehicles in the country are used without compulsory insurance policies.

*EUR 1 = KZT 418.28 (01.11.2018)

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