It is also noted that sales in non-life insurance from direct insurance increased by 23%, to KZT 135.6 billion. At the same time, the main increase in sales was brought by voluntary classes - property insurance, civil liability insurance, insurance against other financial losses and voluntary insurance of medical expenses.
60% of direct insurance premiums were received by the leaders - Halyk (KZT 41.4 billion) and EURASIA (KZT 40 billion).
Total paid claims under direct insurance contracts in 1Q amounted to KZT 22.3 billion, which is 32% more y-o-y.
In addition, international reinsurers raised their rates for reinsurance of property risks from Kazakhstan - in 1Q total volume of premiums ceded to reinsurance amounted to KZT 51.6 billion, which is 38% more than last year. The largest cedents are also Halyk (KZT 6.4 billion) and EURASIA (KZT 5.7 billion).
Total net profit of insurers before taxes in the first quarter of 2022 amounted to KZT 25.5 billion, of which KZT 32.2 billion were received from investment activities and a loss of KZT 6.7 billion - from insurance activities.
The loss ratio of insurers has increased - in 1Q2021 it was 28.9%, at the beginning of 2022 the loss ratio was 47.6%, while as of April 1, 2022 it already reached 58.1%.
Out of 18 non-life insurers, only five companies recorded a positive result in insurance activities: NOMAD (KZT 1.3 billion), Kazakhmys (KZT 600 million), Basel, Intertich and Halyk. The remaining insurers ended 1Q with negative financial results from insurance activities, according to FREEDOM FINANCE INSURANCE.
*EUR 1 = KZT 517.98 (01.04.2022)