KAZAKHSTAN: the share of voluntary personal life insurance on the market decreases for the second year in a row

5 March 2024 — Marina MAGNAVAL

GWP on voluntary personal life insurance (except for life insurance within the framework of the state educational savings system) in 2023 increased by 19.8%, reaching KZT 225 billion (~EUR 0.45 billion). At the same time, the segment’s share in total market premiums decreased from 20.9% to 18.9%, Allinsurance.kz reports.

The share of voluntary personal life insurance has been decreasing for the second year in a row. In 2021, its share reached a record 21.8% of all premiums, although in 2017 the segment accounted for only 8.8%.

The volume of paid claims in voluntary personal life insurance increased sharply by 2.5 times over the year, reaching KZT 29.8 billion (~EUR 59.33 million) in 2023. The segment's share in total market paid claims also increased - from 6% to 10.6%. It is worth noting that in 2022 this figure was 3%, and in 2019 – only 1.3%.



In 2023, nine life insurance companies operated in the voluntary personal life insurance market, with 44% of all segment GWP being generated by only one of them - Halyk-Life (KZT 99 billion). Significant amounts were also collected by NOMAD Life (KZT 61.6 billion), European Insurance Company (KZT 27.1 billion) and Freedom Finance Life (KZT 24.8 billion).

At the same time, 84.9% of claims on voluntary personal life insurance in 2023 were paid by two companies - Halyk-Life (KZT 13.1 billion) and NOMAD Life (KZT 12.2 billion).

* 1 EUR = 502.24 KZT (December 31st, 2023)


 

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