KAZAKHSTAN: at the beginning of September, the insurance sector's assets rose to KZT 2 trillion

20 October 2022 — Marina MAGNAVAL
The assets of the insurance sector of Kazakhstan at the end of August 2022 increased by 0.7% to KZT 2 trillion/~EUR 4.23 billion (an increase of 10.3% since the beginning of 2022), mainly due to an increase in income from insurance activities.

The largest share (70.8%) in the structure of assets is occupied by securities - KZT 1.4 trillion, followed by cash and deposits in second-tier banks - KZT 127 billion (6.3%), insurance receivables - KZT 100 billion (5.0%), Allinsurance.kz reports with reference to the Agency of the Republic of Kazakhstan for Regulation and development of the financial market.

Liabilities of insurers in August 2022 increased by 0.5% to KZT 1.3 trillion (from the beginning of 2022 - by 15.8%) mainly due to the growth of insurance reserves by 2.4%. Equity capital increased mainly thanks to profit from insurance activities by 0.9% or KZT 6.5 billion and amounted to KZT 759 billion. Net profit in the insurance market in August 2022 amounted to KZT 6.9 billion (from the beginning of 2022 - KZT 95.2 billion).

The number of insurance contracts concluded for individuals and legal entities since the beginning of 2022 amounted to 8,186,448 units, which is 8.0% more y-o-y. The main growth drivers are MTPL, travel insurance and health insurance.

GWP for 8 months of 2022 amounted to KZT 536 billion, which is 12.5% more than a year earlier. The main growth drivers are compulsory insurance and voluntary property insurance. Compulsory insurance has increased by 32.4% since the beginning of the year compared to the same period last year. Voluntary personal insurance for the period decreased by 5.5%, which was mainly due to a decrease in pension annuity agreements by 61%. Voluntary property insurance since the beginning of this year has grown by 22.5% compared to the same period last year. The growth was mainly due to an increase in property damage insurance by 18.7% and civil liability insurance by 55.4%.

Paid claims since the beginning of 2022 reached KZT 113 billion, which is 42.8% more than in the same period last year. This was mainly due to an increase in loan insurance and MTPL.

As of September 1, 2022, the insurance sector is represented by 27 insurance organizations, of which 9 are life insurance companies.

*EUR 1 = KZT 472 (01.09.2022)

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