STATISTICS: KAZAKHSTAN, 1H2019: market growth exceeded 20% thanks to life insurance

22 August 2019 —
STATISTICS: KAZAKHSTAN, 1H2019: market growth exceeded 20% thanks to life insurance
In the first half of 2019, the market grew by 20.20% y-o-y in local currency, GWP reached almost KZT 255 billion (~EUR 588 million), as data published by the National Bank of Kazakhstan show.

The market growth is supported by the life sector (+87.46%), whose GWP amounted to KZT 66.74 billion (EUR 154 million). Annuity insurance is prevailing in the portfolio of life insurers taking almost 40% (KZT 34.1 billion).

Compulsory insurance saw almost no changes (+0.72%), while voluntary insurance increased by about 27%, to KZT 199.87 billion.

The market saw a significant increase in local currency in such key non-life segments as motor insurance (+18.97%) and property insurance (+18.87%), which together account for almost 43% of the total market. The non-life sector generated KZT 188.16 billion in GWP (EUR 434 million). At the same time, the market share of non-life dropped noticeably, by almost 10%, while the life sector gained its market weight.

A significant decrease KZT-wise was recorded in such classes as insurance of workers against accidents (almost -26%), GTPL (~ - 45%), credit insurance and insurance against financial losses.

Market paid claims amounted to KZT 74.73 billion/EUR 172 million (+53.47%/+40.77%). Most of them were paid in the non-life sector (property insurance, MTPL, financial losses and insurance against sickness).

The leader in terms of GWP is still EURASIA (KZT 57.65 billion), market share of which increased to 22.62%, followed by HALYK - the insurer increased its market share to 14.18%. At the same time, HALYK is leading in terms of paid claims. HALYK-Life ranks third on the total market (GWP is KZT 35 billion) and is leading the life sector having life share of 47.4%.

The number of companies offering MTPL (one of the key classes on the market) decreased from 22 to 17. The share of TOP-3 in the class increased from 38.8% to 52.6%. The three leaders saw a change - EURASIA ranks 1st, followed by HALYK, that moved up from the 5th place, and the 3rd is NOMAD Insurance, which lost one position in the class ranking.

* 1 EUR = 433.08 KZT (June 30th, 2019)

Access and download 1H2019 Kazakh insurance market statistics.