From 2024, the insurance market regulator will adjust regional coefficients when calculating MTPL tariffs depending on regional unprofitability, and thus the tariffs for the most massive type of insurance will reflect actual risks of vehicle owners in a particular region of Kazakhstan, Allinsurance.kz wrote.

According to a study on the MTPL market, which was conducted by specialists from the EURASIA insurance company, MTPL is the most popular type of insurance. At the end of 2022, insurance companies collected in the segment over KZT 112 billion (~EUR 0.23 billion) and paid out more than KZT 49 billion (~EUR 0.1 billion). Thus, the loss ratio was 43.8%.

At the same time, in the first half of 2023, the MTPL loss ratio jumped to 67.9% due to a sharp increase in paid claims. The specialists also note that MTPL unprofitability is heterogeneous across the country and differs from region to region.

* 1 EUR = 492.86 KZT (December 31st, 2022)