Kazakhstan: The insurance market grew by 22%, to EUR 488.95 million, in 1H/2011

10 August 2011 — Olesea ADONEV
kazakhstan2Gross written premiums of insurance companies in Kazakhstan increased by 22%, reaching KZT 102.19 billion (EUR 488.95 million) in the first half of 2011, compared with total underwritings in the correspondent period of 2010 - KZT 83.62 billion (EUR 400 million). Claims paid by insurers amounted to KZT 18.52 billion (EUR 88.62 million), up by about KZT 6.0 billion (EUR 29.30 million), compared to the correspondent period of 2010 (KZT 12.39 billion - EUR 59.31 million), according to official data published by the Supervisory Commission of Financial Markets.

On the mandatory insurance segment, gross written premiums reached KZT 22.55 billion (EUR 107.89 million), voluntary persons insurance - KZT 24.81 billion (EUR 118.74 million), while property insurance registered KZT 54.82 million (EUR 262.32 million).

On July 1st, underwritings on life insurance increased by 29.5% compared to the corresponding period of 2010, reaching KZT 11.4 billion or EUR 54.49 million.

According to data presented by the Supervisory Commission of Financial Markets in the first half of 2011, KZT 40.1 billion (EUR 191.85 million) represented premiums ceded in reinsurance - 45.3% of total volume of underwritings.

Currently, on the Kazakhstan insurance market, 38 insurance and reinsurance companies and 14 brokerage companies operate.

The exchange rate of the National Bank of Kazakhstan, on the 1st of July 2011 - 209.0100 KZT/EUR.

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