Voluntary property insurance has hold a significant share in the total GWP, of about 24.18%, followed by compulsory MTPL (12.97%) and voluntary GTPL (12.51%).
In the first nine months of 2017, gross premiums for MTPL amounted to KZT 37.50 billion and compared to KZT 36.64 billion for the same period in 2016, have grown by 2.34% (note: in 1H2017 there was practically a zero growth). The main explanation is that in last year there was an increase in the tariff for those entering the territory of the Republic of Kazakhstan (border insurance). In the current period, neighter an explosive growth in the number of vehicles or an increasing foreign transit via Kazakhstan were observed. The "bonus-malus" system still hinders premiums' growth, despite the growth of the minimum calculated index (MCI), due to the application of the lowering coefficient. In the opinion of local experts, MTPL insurance demonstrates signs of stagnation and increasing unprofitability.
The market share of Top-10 re/insurance companies in terms of GWP increased to 71.77% compared to 69.88% in 3Q2016. In top-3 the leader of total GWP is EURASIA with GWP KZT 42.48 billion and with market share 14.69%, followed by Kazakhmys with GWP KZT 32.33 billion and market share 11.18% and Halyk-Life with GWP KZT 27.44 billion and 9.49% market share.
The aggregate value of claims reached KZT 64.68 billion, going down by almost 13% compared to 3Q2016.
Assets of re/insurance companies in the reporting period of 2017 amounted to KZT 923.75 million, increasing by 8.6% y-o-y.
Access www.xprimm.com and download the 3Q2017 Kazakh insurance market statistics.
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