KAZAKHSTAN: the share of civil liability insurance of tour operators and travel agents in compulsory insurance due to the crisis decreased to 0.5%

28 October 2020 — Marina MAGNAVAL
Civil liability insurance of tour operators and travel agents in Kazakhstan for January-August 2020 decreased fourfold y-o-y and the segment's share in the total compulsory GWP dropped from 2.3% to 0.5%, which is explained by the impact of restrictions imposed due to the pandemic, Allinsurance.kz informed.

At the same time, paid claims of the segment more than doubled y-o-y, and their share in the total compulsory insurance paid claims increased from 0.7% to 1.6%.

The reduction of GWP under compulsory insurance of civil liability of tour operators and travel agents is due to the closure of borders - the number of clients in the field of outbound tourism in the first half of the year was less than 2 million people, which is 2.5 times less y-o-y.

It is also worth noting that under the influence of the crisis, in financial and insurance activities the sharpest decline in the number of active small businesses in a year can be observed. Their number dropped by 17.6% and only in September 2020 - by 7%, which is the worst result among all types of activities in Kazakhstan. As a result, the number of active small companies dropped to the level of 2015, Allinsurance.kz reports.



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