The assets of insurance (reinsurance) companies in Kazakhstan increased slightly by 0.03% to KZT 2 trillion (~EUR 4.3 billion) by the end of September, or of 10.3% since the beginning of 2022, mainly due to an increase in income from insurance activities, Allinsurance.kz reports quoting the supervising authority.

As of October 1, 2022, the largest share in the asset structure (70.7%) is occupied by securities - KZT 1.4 trillion, cash and deposits in second-tier banks amount to KZT 126 billion (6.3%), insurance receivables - KZT 90 billion (4.5%).

Liabilities of the insurance sector in September 2022 decreased by 0.3% to KZT 1.3 trillion, while their growth since the beginning of 2022 amounted to 15.4%. Total equity in September 2022 increased by 0.5% to KZT 763 billion, mainly due to profit from insurance activities. Net profit on the insurance market in September amounted to KZT 10.1 billion (from the beginning of 2022 - KZT 105.3 billion).

Since the beginning of 2022, the number of concluded insurance contracts for individuals and legal entities reached 9,332,079 units, which is 7.9% more y-o-y. The main growth is observed in third party liability insurance contracts for vehicle owners, travel insurance and health insurance.

Market GWP for September 2022 amounted to KZT 55.5 billion, and after 9 months of this year they reached KZT 592 billion, which is 13.3% more y-o-y. The main growth drivers are compulsory insurance and voluntary property insurance. Since the beginning of the year, compulsory insurance amounted to KZT 127.9 billion (+31.5%). The increase occurred mainly in employee accident insurance. The voluntary personal insurance for 9 months of 2022 amounted to KZT 213.7 billion, which is 4.1% less y-o-y. The decrease was mainly due to a decline in pension annuity agreements by 59.1%. Voluntary property insurance since the beginning of the year amounted to KZT 250.1 billion, which is 23.7% more than a year earlier. The growth was mainly due to an increase in property damage insurance by 19.3% and civil liability insurance by 53.6%.

Paid claims for September 2022 amounted to KZT 23.3 billion, and since the beginning of 2022 they have reached KZT 136 billion (+54.1%). The increase was mainly due to a rise in loan insurance payments by KZT 7.1 billion and civil liability of vehicle owners by KZT 8.7 billion.

Source: the Agency of the Republic of Kazakhstan for Regulation and Development of the financial market

*EUR 1 = KZT 464.81 (01.10.2022)