STATISTICS: KAZAKHSTAN, 1H2020: Voluntary insurance increased by more than 13% y-o-y, while compulsory segments decreased slightly

20 August 2020 — Marina MAGNAVAL
In 1H2020, the insurance market of Kazakhstan grew by 10% y-o-y (in local currency), the overall market GWP amounting to about KZT 280.48 billion (~EUR 616 million*).

This growth was provided mainly by the non-life segment, while life insurance remained practically at the level of 1H2019, as the statistical data published by the National Bank of the country show.

In terms of insurance types, compulsory insurance decreased by 1.58% y-o-y, while voluntary, on the contrary, saw an increase by more than 13%. Of the main classes, property insurance recorded impressive growth (over 31%), while motor insurance (overall, both voluntary and compulsory) ended the first half of the year with a negative result.

Paid claims reached KZT 91.73 billion, which is 22% more y-o-y (in local currency). Despite growth of paid claims in many classes, paid claims of property and motor insurance dropped y-o-y.

EURASIA remains the market leader in Kazakhstan, its market share has slightly increased - to 22.83%. The second place is held by HALYK, and the third place by HALYK-Life (which at the same time is the leader among local life insurers). The ranking order of the TOP-5 insurance companies in the overall market has not changed when compared to the previous year, as well as their total share, which is about 66%.

* for the following exchange rate:
1 EUR = 455.12 Tenge - KZT (June 30th, 2020)

Access and download the latest Kazakhstani insurance market statistics.

Share |