STATISTICS: KAZAKHSTAN, FY2021: insurers' business expanded by more than 43% y-o-y (in local currency)

7 February 2022 —
STATISTICS:  KAZAKHSTAN, FY2021: insurers' business expanded by more than 43% y-o-y (in local currency)

At the end of 2021, the insurance sector of Kazakhstan recorded an increase of 43.42% y-o-y, to KZT 814.81 billion (EUR 1.67 billion). At the same time, insurers' paid claims fell by almost 13% to KZT 130.60 billion (EUR 267.75 million), according to data published by the National Bank.

The driver of market growth is life insurance, its share in the market portfolio reached almost 39%, and the segment increased by about 80% y-o-y. Whereas non-life insurance grew at a more moderate pace (27%), and its share in the market portfolio decreased to about 61%. It's worth noting that paid claims decreased only in non-life insurance, while in life insurance, on the contrary, an uptrend was observed.

In local currency, GWP increased in all major classes - a significant increase can be noted in accident insurance, general liability insurance, cargo insurance, life insurance and annuities.

Out of 27 active insurers, EURASIA (KZT 129.89 billion) holds the leadership in the overall ranking. HALYK-Life moved up to the second place from the fourth one a year earlier, and HALYK, on the contrary, moved down from the second to the fourth. NOMAD-Life continues to rank third, and KAZAKHMYS - fifth. Total share of the top five is approximately 63% in the market GWP.

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