During the first two months of 2019, life GWP went up by 56.9% y-o-y, to KZT 16.6 billion, and life market share amounted to 18% (vs 13.6% a year ago). The non-life sector jumped by 13% y-o-y.
Total paid claims also saw a growing trend, reaching (excluding paid claims under reinsurance) KZT 14.1 billion (+12.6%).
Experts point out the concentration of some non-life classes. Among the prevailing voluntary insurance classes are voluntary property insurance with a non-life share of 47.7%. At the same time, 80% of risks in this class are reinsured outside of Kazakhstan and only 2% within the country. Next goes voluntary health insurance, which accounts for 13.8%, followed by voluntary civil liability insurance (9.2%), with a share of 57.6% in reinsurance risks outside the country; and Motor Hull, holding 5.4% share of the non-life sector.
Additionally, there were some changes in the number of market players in February, 2019. The regulator revoked licenses for insurance and reinsurance from two non-life companies. Thus, as of March 1, 2019, the local market was represented by 26 re/insurance companies, 6 of which work in the life sector.
Total insurer assets on March 1, 2019, amounted to KZT 1 071.1 billion (+2.2%). Liabilities increased by 4%, to KZT 603.3 billion, and reserves by 5.4%, to KZT 547.3 billion. Total equity amounted to KZT 467.8 billion (- 0.1%), Allinsurance.kz reported.
*EUR 1 = KZT 427.08 (01.03.2019)
18270 views
