KAZAKHSTAN: the share of TOP-5 in Mandatory Insurance of Civil Liability of Motor Vehicle Owners increased to almost 74% y-o-y

28 March 2019 — Marina MAGNAVAL
In January-February 2019 the share of TOP-5 in Mandatory Insurance of Civil Liability of Motor Vehicle Owners increased from 55.4% (a year before) to 73.9%, allinsurance.kz reported.

According to market specialists, mergers and acquisitions and temporary license suspension for this insurance type increased the level of competition and market concentration in the segment last year. As of March 1, 2019, the number of companies with licenses, decreased from 21 (a year ago) to 16. Half of them saw negative GWP dynamics y-o-y. The growth of the total market GWP in the segment dropped to 5% (vs 14.4% a year before).

Concentration also led to the growth of insurers' paid claims. The level of paid claims of TOP-5 (except for NOMAD Insurance) is over 35%. Total market paid claims in the segment went up by 14.2%, and the claim ratio increased by 4% to 45% as of March 1, 2019.



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