STATISTICS: KAZAKHSTAN, FY 2015: Market returns on the ascending path

Despite the worsening economic situation of the country, in 2015 local insurance companies were able to return to growth in GWP as compared with the previous decrease by 4.64% in 2014. Thus, in the analyzing period, the GWP reported by insurers totaled KZT 288 billion, up by 8%.

By insurance lines, double-digit growth was marked on the life insurance segment, which went up by 17.15%, mainly due to positive dynamics by annuity insurance (+40%).

On the non-life insurance segment a 6.43% growth was achieved by the following types of insurance: property insurance, MTPL, CARGO, GTPL and others.

Denominated in European currency, insurance business decreased by 35%, as a result of the KZT (national currency, Tenge) devaluation against EUR/USD. It is noteworthy that in order to alingn to the new economic realities, on August 20, 2015 Kazakhstan moved to a free float of KZT: "the switch to the free-floating exchange rate was a "necessary step" given the gloomy medium-term forecasts for oil prices and exporters' demands for a more competitive exchange rate", stated state's representatives on that time.

Access www.xprimm.com and download the FY2015 Kazakh insurance market statistics.

Market indicators and life/non-life market rankings (in EUR and KZT):
  • GWP
  • Claims 
  • Growth rates
  • Market shares

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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