KAZAKHSTAN: 38% of total GWP generated by life insurance

6 January 2020 —
As of December 1st, 2019, GWP of the insurance market reached KZT 455.4 billion (~EUR 1.1 billion*), which is 31.2% more y-o-y, reports Allinsurance.kz based on the regulator's data.

38.4% of total GWP came from the life sector (vs. 31.8% a year before), which was represented by 8 life insurance companies.

Market paid claims for 11 months of 2019 saw an increase of 22.9% y-o-y and reached KZT 91.2 billion (~EUR 0.21 billion*).

Unlike the GWP and paid claims, the profit at insurance market level remained almost at the same level as a year ago (+0.9%, KZT 79.5 billion). Although, the life insurers' profit grew by 66% y-o-y, to KZT 21.6 billion, the non-life sector's profit dropped by 12% (to KZT 57.9 billion).

Insurance reserves for the period under review increased by 16.9%, to KZT 566.7 billion.

*EUR 1 = KZT 425.14 (01.12.2019)