KAZAKHSTAN: insurance sector's assets grew by 6.5% in the first three months of 2023

11 May 2023 —
At the end of March 2023, the assets of insurance (reinsurance) companies increased to KZT 2.2 trillion/~EUR 4.44 billion (an increase of 6.5% since the beginning of 2023), mainly as a result of an increase in income from insurance activities, Allinsurance.kz reports.

At the same time, the largest share in the structure of assets is occupied by securities - 71.4% (KZT 1.6 trillion).

Liabilities of the insurance sector at the end of March amounted to KZT 1.4 trillion (+6.3%). Equity capital increased to KZT 829 billion, mainly due to profits received from insurance activities. Net profit in the insurance market since the beginning of 2023 amounted to KZT 45.9 billion.

Since the beginning of 2023, the number of concluded insurance contracts for individuals and legal entities has increased by 31% y-o-y. The main growth is accounted for by third party liability insurance of vehicle owners (+24.6%) and accident insurance (+95.8%).

As of April 1, 2023, the insurance sector of the Republic of Kazakhstan is represented by 26 insurance companies, 10 of which are engaged in life insurance.

*EUR 1 = KZT 495.42 (01.04.2023)