STATISTICS: KAZAKHSTAN, 1Q2020: life insurance GWP grew by almost 55% y-o-y

25 June 2020 —
STATISTICS: KAZAKHSTAN, 1Q2020: life insurance GWP grew by almost 55% y-o-y
In 1Q2020, the Kazakhstani insurance market showed an impressive growth in local currency both in total GWP (+36.1%), and separately in the life sector (+55.0%) and non-life (+31.3%), according to the data, published by the National Bank. The positive trend was seen in EUR currency too, the overall market GWP increasing by 16.2%.

For the first three months of the year, insurers collected premiums worthing almost KZT 162 billion (EUR 326 million*). At the same time, positive dynamics were recorded for all insurance types, except for GTPL. Among insurance classes, the largest share if the market portfolio was generated by property insurance (over 30%), GWP of which exceeded KZT 49 billion in 1Q2020.

Market paid claims jumped by 149% y-o-y in tenge, to about KZT 67.42 billion. A significant portion of the paid claims fell onto insurance against financial losses, while the least portion on cargo insurance.

In the first quarter, 27 insurance companies were active on the local market. The share of the leader, HALYK company, in the total premium volume increased by about 6%, and its GWP reached KZT 39 billion. EURASIA (GWP: KZT 35 billion) ranked second on the market, and HALYK-Life (GWP: KZT 16 billion) ranked third, with a significant margin from the first two market leaders.

* for the following exchange rates:
1 EUR = 495.86 Tenge - KZT (March 31st, 2020)
1 EUR = 425.95 Tenge - KZT (March 31st, 2019)

Access and download the latest Kazakh insurance market statistics.