KAZAKHSTAN: Jan-May 34% of GWP were generated by life insurance

27 June 2019 —
According to the National Bank of Kazakhstan, for the period from January to May, total GWP amounted to KZT 208.7 billion/~EUR 0.49 billion (+24% y-o-y). 34% of GWP were contributed by the life sector, Allinsurance.kz reports.

The life sector itself increased by 46% y-o-y. Its main drivers were classes such as pension annuity (+233%) and voluntary life insurance (+43%).

The non-life sector went up by 14.6% y-o-y, to KZT 137.6 billion. Key growth drivers were voluntary property insurance (+23%, to KZT 50.5 billion), MTPL (+15%, to KZT 29.6 billion), Motor Hull (+30%, to KZT 10.1 billion) and voluntary cargo insurance (+111%, to KZT 3.9 billion).

Among other classes with a significant increase, experts note accident insurance (+45%, to KZT 7.2 billion), and among classes with an impressive decline in GWP is voluntary insurance of civil liability (-24%, to KZT 10.7 billion) and insurance against other financial losses (-32%, to KZT 1.9 billion).

Inward reinsurance in the reviewed period reached 8.7% of total GWP (KZT 18.2 billion), of which KZT 14.9 billion were accepted from non-residents. Outward reinsurance decreased to 17.5% of the total GWP (KZT 36.5 billion), of which 91.5% were ceded to non-residents.

*EUR 1 = KZT 426.48 (as of 01.06.2019)