STATISTICS: KAZAKHSTAN, 3Q2021: GWP shows impressive growth (47% in local currency) amid a decline in paid claims

10 November 2021 — Marina MAGNAVAL
From January to September 2021 GWP increased by 47.09% to KZT 604.95 billion (~EUR 1.22 billion). Significant growth was observed in all insurance segments, and the most impressive one can be noted in life insurance (more than 94%), GTPL, cargo insurance and accidents insurance, based on the data published by the National Bank.

According to the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (ARRFR), the number of insurance contracts concluded during the reporting period is 34.4% higher than the figure for the same period in 2020.

For three quarters of the year, paid claims of insurers amounted to KZT 90.75 billion, which is 22.08% less y-o-y. It should be noted that paid claims decreased only in non-life insurance, while in life insurance, on the contrary, they recorded an increase of almost 14% (data from the National Bank).

As of 01.10.2021, the Kazakhstani insurance sector is represented by 27 insurance companies, of which 9 work in life insurance. The leading positions are held by EURASIA (KZT 101 billion), followed by HALYK-Life and HALYK.

According to the ARRFR, total assets of insurance (reinsurance) organizations as of 01.10.2021 amounted to KZT 1.72 trillion. The increase was mainly due to the GWP growth and investment of premiums in securities. Since the beginning of 2021, the assets of insurance (reinsurance) organizations have increased by 15.6%. Liabilities increased as well and at the end of September 2021 they amounted to KZT 998 billion. Their growth was mainly due to the increase in insurance reserves, which occupies the largest share - 85% or 848 KZT billion. For three quarters of 2021, liabilities of insurance (reinsurance) organizations have grown by 21.5%, including insurance reserves increased by 23.5%.

The equity capital of insurers amounted to KZT 721 billion. Its growth since the beginning of 2021 reached 8.3%. Net profit of the insurance sector, mainly received from insurance activities, as of 01.10.2021 amounted to KZT 90.7 billion.

Access xprimm.com and download the latest data of the Kazakhstani insurance market statistics.



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