STATISTICS: KAZAKHSTAN, 3Q2016: Insurance companies reported GWP growth by 24.83% y-o-y

24 November 2016 —
In 3Q2016, GWP reached KZT 277.02 billion (EUR 737.72 million), up by 24.83% y-o-y, while claims increased by 29.04%, to KZT 74.28 billion (EUR 197.82 million). In the reporting period, the market GWP increased mainly due to the following types of insurance: GTPL (v), Worker against accidents (c), MTPL (c), Financial losses (v), Property (v) and CARGO (v).

At the same time, a tendency of claims growth was seen during the last period, due to the growth of compensations paid on GTPL (v), Property (v), Motor Hull (v), Life insurance (v) and MTPL (c).

Despite the fact that only since January 2018 in Kazakhstan will be introduced compulsory social health insurance, the contributions of employees will start to be paid already from one year before. And, in case of unemployed the state would have to contribute.

Note: (v) - voluntary insurance / (c ) - compulsory insurance

Access and download the 3Q2016 Kazakh insurance market statistics.