The share of the non-life sector dropped to 72.66% from 80.18% a year ago, in favor of the life segment.
Total volume of net premiums increased even more significantly (+45%), to KZT 315.9 billion. According to the market specialists, the main role here was played by a big reduction in the share of premiums ceded in outward reinsurance.
Paid claims also demonstrated impressive growth (+62.9% in tenge), to KZT 114.8 billion (~EUR 271.02 million). However, net paid claims (made by local insurers) increased rather slightly - only by 16.3%, to KZT 73.4 billion, which means that the main increase of paid claims was due to large losses paid for the most part by international reinsurers.
Insurers' assets grew by 16.6%, reserves - by 22.8%, equity - by 15%, charter capital - by 26.6% y-o-y. The only decrease was observed in terms of retained earnings, which fell by 15.3%, to KZT 63.2 billion.
EURASIA keeps its leading position on the market with a market share of 20.12%, it is followed by Halyk-Life and Halyk. NOMAD LIFE ranks 4th with GWP growth by more than 100% y-o-y, and Nomad Insurance closes the TOP-5. According to the regulator, as of October 1, 2019, the market was represented by 7 life insurers (their number hasn't changed over the year) and by 20 non-life insurers, the number of which was 23 a year ago.
* 1 EUR = 423.49 Tenge - KZT (September 30th, 2019)
Kazakhstan 3Q2019 Market portfolio and rankings (in EUR and KZT):
- Paid claims
- Growth rates
- Market shares