STATISTICS: KAZAKHSTAN, FY2023: Motor Hull saw the most rapid growth in GWP, while GTPL – in paid claims

7 February 2024 — Marina MAGNAVAL
STATISTICS:  KAZAKHSTAN, FY2023: Motor Hull saw the most rapid growth in GWP, while GTPL – in paid claims

In 2023, the insurance sector of Kazakhstan grew by 32%, reaching KZT 1,187.88 billion (EUR 2.36 billion). Insurers' paid claims at the same time jumped 43% to KZT 281.22 billion (EUR 559.93 million), data published by the National Bank show.

The market continues to be dominated by non-life insurance, the share of which remained almost unchanged over the year, at 69%. At the same time, the share of life insurance does not exceed 30%. It is worth noting that the growth rates of both segments were almost the same.

Among the insurance classes, the fastest growth was recorded in Motor Hull (+112%), and this is one of the few classes with a double-digit share in the overall market portfolio. At the same time, MTPL grew the least among all major classes of insurance. In terms of growth rates, cargo and accident insurance rank second and third respectively.

On the claims side, growth was observed across all major insurance classes. Paid claims skyrocketed in GTPL (+209%) and worker insurance against accidents (+118%).

Of the 25 insurers active in the market as of the end of 2023, EURASIA remains the undisputed leader (KZT 194.39 billion), second and third places are still occupied by HALYK-Life (KZT 165.45 billion) and HALYK (KZT 137.39 billion). The top five also includes NOMAD LIFE and Freedom Finance Life.

Access xprimm.com and download the latest Kazakhstan insurance market statistics for FY2023 in EUR and KZT.


 

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