The largest share in the structure of assets (71.4%) is occupied by securities (KZT 1.4 trillion), cash and deposits in second-tier banks - KZT 137 billion (6.8%), and insurance receivables - KZT 98 billion (4.9%).
Liabilities of the insurance sector at the end of July amounted to KZT 1.3 trillion (+15.1% since the beginning of the year). The increase in liabilities occurred mainly due to the growth of insurance reserves by 2.4% or KZT 24.9 billion. Equity capital increased to KZT 752 billion, mainly due to profit from insurance activities. Net profit in the insurance market at the end of July 2022 amounted to KZT 88.2 billion.
Since the beginning of 2022, the number of concluded insurance contracts has increased by 9.3%. The main growth is accounted for by contracts for health insurance (56.8%), third party liability insurance of vehicle owners and travel insurance.
Insurance premiums for 7 months of 2022 amounted to KZT 461 billion, which is 7.8% or KZT 33 billion more y-o-y. The main growth drivers are compulsory insurance and voluntary property insurance. Since the beginning of the year, compulsory insurance has reached KZT 90.1 billion (+25.4%), mainly due to an increase in employee accident insurance. From January to July, voluntary personal insurance reached KZT 158.4 billion, which is 10.1% less, mainly due to a decrease in pension annuities by 62.9%. Voluntary property insurance amounted to KZT 212.3 billion (+18.3%), here the growth occurred mainly due to an increase in property damage insurance by 13.2% and civil liability insurance by 51.3%.
Paid claims at the end of July 2022 amounted to KZT 93 billion, which is 34.5% more than a year earlier.
As of August 1, 2022, the insurance sector was represented by 27 insurance organizations, of which 9 are life insurers.
Source: the Agency of the Republic of Kazakhstan for Regulation and development of the financial market
*EUR 1 = KZT 488.67 (31.07.2022)
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