KAZAKHSTAN: insurance sector's assets up 23% in 2021

15 February 2022 —
In 2021, the assets of insurance (reinsurance) companies in Kazakhstan increased by 23% and as of January 1, 2022, amounted to KZT 1.8 trillion (~EUR 3.69 billion*), Allinsurance.kz reports referring the data from the Agency of the Republic of Kazakhstan for the regulation and development of the financial market (ARRFR).

It is noted that the growth of assets is mainly due to the growth of insurance premiums and their investment in securities. In the structure of assets, the largest share (72.1%, KZT 1.3 trillion) belongs to securities, which grew by 27.7% in 2021.

As of January 1, 2022, the insurance sector of Kazakhstan was represented by 27 insurance organizations (of which 9 are life insurance companies).

Liabilities of the insurance sector for 2021 increased by 32.4% and reached KZT 1.1 trillion as of January 1, 2022. This growth was mainly due to an increase in insurance reserves.

The equity capital of insurers as of January 1, 2022, amounted to KZT 741 billion, having increased by 11.4% y-o-y. Net profit, mainly received from the income from insurance activities, amounted to KZT 118.4 billion.

The number of insurance contracts concluded in 2021 amounted to 11,848,845 units, which is 34.9% more than in 2020. This was mainly due to an increase in the number of life insurance contracts by 47.6%, civil liability insurance contracts by 3.5 times, travel insurance by 3.3 times, and accident insurance contracts by 2.3 times, according to the ARRFR.

* 1 EUR = 487.79 KZT (December 31st, 2021)



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