STATISTICS: KAZAKHSTAN: Local market down by 4.64%

According to the revised data from the National Bank of the Republic of Kazakhstan, in January-June 2014, gross written premiums collected by local insurance companies totaled KZT 144 billion (EUR 578.73 million), which is 4.64% lower in local currency compared to the same period of 2013. Due to the devaluation of the local currency (KZT), held in the beginning of February last year by the National Bank of the Republic of Kazakhstan and the depreciation of the national currency to the euro by more than 20% the insurance market has registered a decline of 25% in the European currency.

In the reporting period, claims paid by the insurers amounted to KZT 32 billion or EUR 137.05 million, up by 15.04% comparing to the 1H2013.

In the 1st half of 2014 life insurance segment decreased by almost half (- 48.27%), due to the fact that in the June 12, 2013 insurers were banned from signing pension annuity contracts. Despite the fact that the interdiction was removed in May 2014, the number of contracts has gone down by 16.2% compared to the same period of 2013.

Also, the non-life segment increased in the local currency by 10%, to KZT 124 billion or EUR 499.46 million. This growth was mostly due to the types of insurance such as: Motor Hull ((+ 83.37%), Property (+ 22.13%), Worker against accidents (+32.25%) and GTPL (+12.62%).

Access www.xprimm.com and download the 1H2014 Kazakh insurance market statistics.

Market indicators and market ranking (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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