STATISTICS: KAZAKHSTAN, 1H2016: MTPL remains the main source of fraudulent business

In the first half of 2016, GWP reached KZT 202.01 billion (up by 33.41%), while claims went up by 18.37%, to KZT 46.02 billion.

As before, the market GWP increased mainly due to following types of insurance: MTPL (c), carriers' liability (v), credit insurance (v), financial losses (v), worker against accidents (c) and ecological insurance (c).

At the same time, a tendency of claims growth was seen during the last period, due to the growth of compensations paid on MTPL, sickness insurance, air transport insurance, ecological insurance and Motor Hull.

One of the explanations of claims growth on MTPL insurance is the strong devaluation of national currency against USD. Thus, cost of spare parts and repairs works, usually linked to a foreign currency (USD), went up. Last but not least, the cases of fraud recorded on the MTPL insurance line have become quite numerous despite of the active work of the security services of insurance companies. According to the security experts, about 60% of all recorded cases of fraud have been caused by insurance agents and professional fraudsters.

Note: (v) - voluntary insurance / (c ) - compulsory insurance

Access www.xprimm.com and download the 1H2016 Kazakh insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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