KAZAKHSTAN: voluntary property insurance decreased by 2% y-o-y

28 August 2018 — Marina MAGNAVAL
Premiums of local insurers in voluntary property insurance went down y-o-y by 2%, at that paid claims of the class jumped almost 3 times higher, according to the data of the analytical service Ranking.kz.

Premiums of the voluntary property damage insurance (excluding insurance of vehicles and cargo insurance) in the first half year amounted to KZT 50.1 billion* (-2%). However, market share of the voluntary property insurance at the same time increased from 48.6% to 51.9%, as informed allinsurance.kz portal.

Paid claims of the class in the first six months increased to KZT 11.5 billion, market share of the claims, paid in voluntary property insurance, in total went up from 32.5% to 68.2%.

The leading insurer in terms of premiums of the voluntary property insurance is EURASIA (KZT 27.6 billion, +17.9%, and market share increased from 45.8% to 55.1%). The second place has Halyk - Kazakhinstrakh (KZT 10.9 billion, +34.3%, market share went up from 15.9% to 21.8%), third comes KAZAKHMYS (KZT 3.4 billion, +16.7%, market share increased from 5.8% to 6.9%). In terms of paid claims the leading insurer is also EURASIA (90.1% of total claims paid in voluntary property insurance vs 74.2% a year ago), followed by KOMMESK-Omir (4.3%) and LONDON-ALMATY (2.1%).

*EUR 1 = KZT 397.26 (30.06.2018)

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