According to the Agency, as of February 1, 2025, securities accounted for the largest share in the asset structure - 74.0% or KZT 2.4 trillion.
Liabilities of the insurance sector in January 2025 increased by 2.9% to KZT 2.2 trillion because of growth in insurance reserves. Equity increased by 1.6% to KZT 961 billion, mainly due to profits from insurance activities. Net profit of the insurance market amounted to KZT 3.0 billion driven by income from insurance and investment activities.
The number of concluded insurance contracts for individuals and legal entities in January increased by 40.4% y-o-y. The main growth came from accident insurance.
GWP at the end of January 2025 amounted to KZT 154.8 billion (~EUR 0.29 billion), which is 10.4% more y-o-y. The main driver of premium growth was voluntary personal insurance.
Compulsory insurance in January 2025 amounted to KZT 20.4 billion (+24.7% y-o-y). The growth was mainly due to an increase in civil liability insurance of vehicle owners (+30.3% or KZT 2.1 billion).
Voluntary personal insurance reached KZT 61.9 billion (+25.0%), supported by accident insurance, which grew by 3.1 times or KZT 13.1 billion and pension annuity insurance, which grew by 2.2 times or KZT 11.9 billion.
Voluntary property insurance in January amounted to KZT 72.5 billion, which is 2.6% less y-o-y. This was due to a decrease in property damage insurance by 7.7% or KZT 4.1 billion. At the same time, there was an increase in professional liability insurance by KZT 3.2 billion compared to the same period in 2024.
Total paid claims in January 2025 amounted to KZT 32.4 billion, which is 60.1% more y-o-y. It was mainly driven by compulsory accident insurance and voluntary property insurance.
In its press release the Agency notes that as of February 1, 2025, 25 insurance organizations operated on the insurance market of Kazakhstan, 10 of which are life insurers.
* 1 EUR = 534.66 KZT (February 1, 2025)
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