KAZAKSTAN: market GWP in Jan-Aug increased by 30% y-o-y

26 September 2019 — Marina MAGNAVAL
From January to August 2019 GWP of 26 Kazakh insurers reached KZT 342.6 billion (~EUR 0.8 billion), which is 30% more y-o-y, Allinsurance.kz reports.

Life insurance remains the market driver. The main life classes - pension annuity (+194%) and voluntary life insurance (+48%) - together provided an increase of the sector's GWP by 53.5%.

Impressive growth was also demonstrated by other classes of voluntary personal insurance, such as health insurance (+31%) and accident insurance (+31%).

Among non-life classes the highest growth rates were recorded in voluntary property insurance (+20.3%), MTPL (+24%) and Motor Hull (+34%), which together provided an increase of the non-life sector's GWP by 37.3%.

A declining trend in volumes is observed in the insurance of other financial losses (-14%) and in voluntary insurance of civil liability (-35%). According to the experts, this is primarily due to the change that the regulator made in its approach to shares of non-resident reinsurers for these classes, thus making them less attractive. Rapid decrease for the period was also recorded in voluntary insurance of legal expenses (-99%) and crop insurance (-80%).

*EUR 1 = KZT 429.15 (as of Sept 1, 2019)

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