KAZAKHSTAN: voluntary property insurance of motor vehicles decreased by 10% in January-August 2024

8 January 2025 — Marina MAGNAVAL
Voluntary property insurance of motor vehicles in Kazakhstan in January-August 2024 amounted to KZT 67.9 billion (~EUR 0.13 billion), which is 10.1% less y-o-y. At the same time, the number of road accidents in Kazakhstan has doubled, Allinsurance.kz reports.



The payout ratio on the voluntary motor insurance market has increased significantly over the year: from 18.7% in January-August 2023 to 27.8% in January-August 2024. However, despite the growth, it is still less than in the same periods of 2021 (29.1%) and 2022 (31.3%).



The share of Motor Hull in voluntary property insurance premiums has grown significantly over the past two years. In January-August 2022, the share of this segment was 13.1%, in 2023 it increased to 22.8%, and in 2024 it decreased to 19.3%.

In January-August 2024, the share of Motor Hull on the insurance market of Kazakhstan was 6.3%, while a year earlier it reached 9.7%.

It is noted that the number of road accidents over the year almost doubled, to 15.9 thousand in January-August 2024. The most common types of accidents were pedestrian knockdowns (5.8 thousand), head-on collisions (5 thousand) and vehicle rollovers (1.1 thousand), the source added.



*EUR 1 = KZT 530.69 (as of August 31, 2024)



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