KAZAKHSTAN: 98% of life insurance paid claims fell on three companies during January-May

3 August 2020 — Marina MAGNAVAL
From January to May 2020, the overall GWP of the Kazakh life insurers increased by 4.1% year-on-year, to KZT 27.5 billion (~EUR 60 million*), while paid claims jumped by almost 75% y-o-y. At the same time, the share of life insurance in the market portfolio slightly decreased (-0.6%), to 12.1%, as Allinsurance.kz reports pointing to the data of ranking.kz portal.

It's worth noting that total number of life insurers in Kazakhstan is 8 and about 93% of total life insurance premiums are generated by the first three companies. Life insurance paid claims for the first five months of 2020 reached KZT 1.5 billion. The share of life insurance in total market paid claims increased to 1.9%.

The leader company in terms of life GWP was HALYK-Life (40.8% of life GWP), while NOMAD Life and European Insurance Company ranked second and third, respectively. Almost 98% of life insurance paid claims also fall on the same three companies - NOMAD Life ranks here first (KZT 695.3 million), followed by European Insurance Company and HALYK Life.

* for the following exchange rate:
EUR 1 = KZT 458.13 (as of 1 June 2020)

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