In 2022, assets of insurance (reinsurance) companies in Kazakhstan increased by 13% to KZT 2.1 trillion (~EUR 4.25 billion). Growth of assets was mainly due to the growth of income from insurance activities, Allinsurance.kz writes with reference to the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.

The largest share in the structure of assets (74.1%) belongs to securities - KZT 1.5 trillion, which increased by 16.2% in 2022. Liabilities of the insurance sector increased by 18.8% to KZT 1.3 trillion, their increase was mainly due to the growth of insurance reserves by 23.1% to KZT 1.1 trillion. Equity capital increased by 4.5% to KZT 775 billion.

In 2022, the number of insurance contracts for individuals and legal entities increased by 3.9%, which was mainly due to an increase in the number of concluded insurance contracts for civil liability of vehicle owners by 7.7% and travel insurance by 58.7%.

As of January 1, 2023, the insurance sector of the Republic of Kazakhstan is represented by 26 insurance organizations, 9 of which are life insurers.

*EUR 1 = KZT 494.10 (31.12.2022)