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):
- Growth rates
- Market shares