The market growth in European currency looks much more modest, by only 1.75% due to the depreciation of the tenge against euro.
The market share of life insurance amounted to 20.2% (vs 14.8% a year ago). Non-life growth was more modest, by only 3.4%, to KZT 94.8 billion (EUR 222.6 million).
Voluntary insurance was the main driver of the non-life sector during Jan-March (by about 16%). Motor insurance was the second largest contributor to the sector's growth, with MTPL rising by 11% and Motor Hull by 27%. Total market share of motor classes reached 18%.
During the first quarter, 26 companies were active on the Kazakh market, 7 of which operate in life insurance. Portfolios of some insurers were affected by such factors as the exit of non-life companies from compulsory employee insurance against accidents, mergers, suspension and revocation of licenses, as well as the regulator's incentive measures for reinsurance. The portfolio of NOMAD Insurance dropped by 16.5% y-o-y, KAZAKHMYS by 50.3%, and CENTRAS Insurance by 23.7%.
At the same time, market leaders strengthened their positions - EURASIA grew by 29% and HALYK by 55.3%. Experts underline the continuing market concentration, the TOP-5 share reached 67% (vs 57% a year ago).
First quarter income of insurers amounted to KZT 19.3 billion (+53.3%). Total assets increased by 5.5%. Obligations went up by 1.4%, to KZT 588.2 billon, insurance reserves to KZT 547.2 billion and total equity to 517.7 billion.
*1 EUR = 425.95 Tenge - KZT (March 31st, 2019)
Access http://xprimm.com/ and download 1Q2019 Kazakh insurance market statistics.
- Market portfolio (in EUR and KZT):
- GWP
- Paid claims
- Growth rates
- Market shares
- Market ranking (in EUR and KZT):
- GWP
- Paid claims
- Growth rates
- Market shares
1952 views
