STATISTICS: KAZAKHSTAN, 1Q2017: Significantly drop for motor insurance lines

In January-March 2017, the Kazakh insurance market has seen a GWP growth of 10.02% as compared to the similar period in 2016, reaching a total of KZT 104,924.52 million.

By insurance lines, to the positive evolution have contributed Accidents (up by 56.81%), Life insurance (38.05%), CARGO (29.00%), GTPL (26.50%), Annuity (26.37%), Worker against accidents (19.95%) and Property insurance (18.65%).

In the reporting period, motor insurance types of insurance declined by 2.28%: Motor Hull (went down by 10.55%), while MTPL practically remained at the same level of 1Q2016. The main reasons are increased prices of spare parts and repair costs, as a result of the currency depreciation, while the economic situation affected the demand for Motor Hull products.

In 1Q2017, a tendency of claims growth by 5.40% was maintained, especially due to increase in compensations paid on motor, CARGO and GTL insurance segment.

Access www.xprimm.com and download the 1Q2017 Kazakh insurance market statistics.

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