For the period from January to September 2024, Kazakhstan's insurance sector grew by 40.12%, reaching KZT 1,210.27 billion (EUR 2.26 billion). Insurers' paid claims increased by 23.37% to KZT 240.92 billion (EUR 450.36 million), as shown by data published by the National Bank.
It is worth noting an impressive growth of life insurance, which rose by 95.67%, and the sector's share in the market portfolio jumped from 28% a year earlier to 39%. At the same time, the growth rate of non-life insurance was moderate, and its share decreased by more than 11%.
The largest non-life class, property insurance, grew by 16.51%. At the same time, the highest growth rates in non-life insurance were demonstrated by accident insurance (+99%), while such classes as MTPL, Motor Hull, cargo insurance decreased y-o-y.
Insurers' paid claims increased the most in compulsory insurance of workers against accidents (+208%), high growth was also observed in cargo insurance (almost 139%). In some classes, a drop in paid claims was recorded, like in GTPL (-55%).
Of the 24 insurers active in the market as of the end of the third quarter of 2024, the leading position in terms of GWP was taken by HALYK-Life (KZT 230.68 billion/EUR 431.21 million), while the last year's leader, EURASIA, moved to second place (KZT 119.20 billion/EUR 292.92 million). Freedom Life now ranks third.
Access xprimm.com and download the latest Kazakhstan insurance market statistics for 3Q2024 in EUR and KZT.
STATISTICS: KAZAKHSTAN, 3Q2024: life insurance grows by more than 95%
28 October 2024 — Marina MAGNAVAL
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