KAZAKHSTAN: insurance sector assets grow by 4.4% in January

19 March 2024 — Marina MAGNAVAL
As of February 1, 2024, the assets of insurance (reinsurance) organizations in Kazakhstan increased by 4.4% to KZT 2.6 trillion (~EUR 5.33 billion) mainly because of increased income from insurance activities. In the structure of assets, the largest share is occupied by securities – 67.8% (KZT 1.8 trillion), reports the Agency for Regulation and Development of Financial Market.

Insurance market liabilities in January 2024 increased by 5.8% to KZT 1.7 trillion because of growth in insurance reserves. Equity capital increased by 1.7% to KZT 920 billion mainly due to profits received from insurance activities. Net profit amounted to KZT 14.6 billion due to income from insurance and investment activities.

The number of concluded insurance contracts for individuals and legal entities in January 2024 amounted to 1,415 thousand units, which is 49.7% more y-o-y. The main growth comes from accident and life insurance contracts.

GWP in January 2024 reached KZT 140.2 billion, which is 30.3% more y-o-y. The main growth driver is voluntary property insurance.

In January, local insurers collected KZT 16.4 billion (+10.1%) in compulsory insurance. The increase was mainly in compulsory employee accident insurance. Voluntary personal insurance amounted to KZT 49.5 billion (+89.0%). The growth was mainly due to an increase in health and life insurance. Voluntary property insurance in January reached KZT 74.4 billion (+11.7%).

Paid claims in January amounted to KZT 20.3 billion (+48.6%). The increase was mainly due to property and life insurance. In total, 115 thousand claims were settled in January 2024.

As of February 1, 2024, the insurance sector of Kazakhstan was represented by 25 insurance companies, 9 of which are life insurers.

*EUR 1 = KZT 487.77 (31.01.2024)