STATISTICS: KAZAKH market decreased 6.4% y-o-y in 3Q2014 due the negative rates reported by life, accidents, financial losses and CARGO sub-segments
All in all, the downward trend in gross written premiums was influenced by the strong decreases reported on the following insurance sub-segments: life (-32.2%), accidents (-35.1%), CARGO (-46.7%) and financial losses (-44.8%).
At the end of September 2014, the GWP portfolio consisted mostly of property insurance (21%), life insurance (15.5%), MTPL (12.3%) and policies covering workers accidents (11.7%).
The value of paid claims was up 15.4% y-o-y to KZT 50.5 billion (or EUR 219 million), 23% of which was related to voluntary sickness insurance, 21% - to compulsory MTPL, 19% - compulsory policies covering workers accidents and 14% - life insurance.
By the GWP volume criterion, the market ranking was led by EURASIA (13.4% market share), followed by HALYK-KAZAKHINSTRAKH and NOMAD Life Insurance. The three insurers have generated about one third of the total market.
Access www.xprimm.com and download the 3Q2014 Kazakh insurance market statistics.
Market indicators and market ranking (in EUR and KZT):
- Growth rates
- Market shares