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.

Share |

Related articles

KAZAKHSTAN: in 2018 motor insurance generated over 30% of non-life premiums

Based on 2018 result, motor insurance (MTPL and MoD) generated over 30% of non-life GWP. At that, according to the statistics of the National Bank, MTPL segment last year saw a significant concentration growth - TOP-5 generated 66.5% of GWP vs 47.6% in 2017 (total growth of MTPL amounted to 23% y-o-y).

2019-02-07

KAZAKHSTAN: Unit-Linked may become a new market driver

Staring January 1, 2019 Kazakh life insurers may offer Unit-Linked products, charging an insurance fee that will depend on the investment results. Also this year insurance companies may get an investment broker license, as explained the Deputy chairman of the board of Nomad Life, Askar SHAKENOV.

2019-01-25

ON THE MOVE

GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).

14.03.2019

MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.

14.03.2019

HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.

14.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all