However, as allinsurance.kz wrote, the decrease was much less in September than in August (0.8% vs 1.2%). As a result, total GWP reached KZT 286.8 billion (vs KZT 289.2 billion a year ago).
GWP of compulsory classes, unlike the general trend, went up by 8.6%. Mandatory liability insurance of vehicle owners is still the growth driver of the compulsory segment, its GWP growth rates during 9 months amounted to 18.2%.
Among voluntary classes the best dynamics of premiums was recorded by voluntary personal insurance with GWP growth at 19.2%. In absolute terms its GWP exceeded KZT 90.8 billion. If this trend continues, the class may overcome property insurance line, in GWP terms, by the end of the year.
Life insurance also keeps positive results with GWP growth by 46.6% to KZT 35.2 billion. Voluntary health insurance increased by 10.3%. While voluntary property insurance after 9 months lost 17% of GWP. This decline is connected with rapid decrease of total property insurance by 19.4% to KZT 56.4 billion, including inward reinsurance. After 3 quarters positive dynamics was also recorded by Motor Hull (+17.8%). Besides that, GWP growth was also demonstrated by air transport insurance, water transport insurance, financial loss insurance, and some other classes.
As of the end of September, the share of compulsory insurance in total market GWP amounted to 28.7% (vs 26.2% a year ago), the share of voluntary personal insurance - 31.7% (vs 26.3%), the share of voluntary property insurance dropped to 39.6% (vs 47.4%).
Total market income reached KZT 271 billion (vs KZT 251.9 billion a year ago), and total expenses had almost no change (KZT 188.7 billion vs KZT 189.2 billion). The market profit before tax amounted to KZT 82.3 billion (vs KZT 62.7 billion). Net profit reached KZT 75.6 billion, which is 36.5% more than after 9 months last year, wrote allinsurance.kz.
*EUR 1 = KZT 420.91 (30.09.2018)