Total number of insurance companies at the end of April 2019, was 27 (vs 31 a year ago). At the same time, assets of insurers increased by 17.6% y-o-y, according to Ranking.kz.
The National Bank of Kazakhstan reports that as of May 1, 2019, market GWP increased by 19.9% y-o-y amounting to KZT 166.8 billion. Paid claims grew by 51.5% y-o-y, to KZT 37.9 billion, Allinsurance.kz reports.
According to a Ranking.kz estimation based on data from the National Bank, for the first four months of this year, total income of the Kazakh insurers reached KZT 133.2 billion, which is 25.8% more y-o-y, Allinsurance.kz reports.
As of May 1, 2019, 7 out of 16 companies, providing MTPL insurance, showed negative trend y-o-y, although total GWP of the segment increased by 14%, to KZT 22.9 billion, Allinsurance.kz reports with reference to the data of the National Bank of Kazakhstan.
For the first quarter of 2019, total market GWP rose by 10.5% y-o-y reaching KZT 118.9 billion (EUR 279 million). Life GWP increased by 50.9%, to KZT 24 billion (EUR 56.4 million). Paid claims amounted to KZT 27 billion (EUR 63.5 million), 29.6% more y-o-y, according to data from the National Bank.
From January to March this year, total assets of insurers grew by 5.5% (by KZT 34.8 billion) and exceeded KZT 1.1 trillion (~EUR 2.58 billion), Allinsurance.kz reports.
As of the end of March 2019, asset growth of Kazakh insurance companies reached 16.9% y-o-y, according to Allinsurance.kz.
According to preliminary data, from January to March 2019 about 1 million electronic policies were sold in the country, accounting for about 20% of the average annual sales volume, Allinsurance.kz reports.
"Life insurance in Kazakhstan may grow by 15-20% in 2019, while non-life may remain at the level of 2018, or even decrease in real terms," S&P believes, according to Ekaterina TOLSTOVA, deputy director of the international rating agency.
According to the monitoring service Ranking.kz, profit of Kazakh insurers in January-February, 2019, grew by 64.7% y-o-y, to KZT 12.7 billion. Insurers show positive profit results for the second year in a row since losses in 2017, allinsurance.kz reported.
The agroinsurance system of Kazakhstan will undergo a radical change - transition from compulsory to voluntary, and from subsidized indemnities to subsidized premiums, Allinsurance.kz reports with a reference to the Ministry of Agriculture.
According to the National Bank of Kazakhstan, GWP of the market, as of March 1, 2019, increased by 18.8% y-o-y, to KZT 91.9 billion, as Allinsurance.kz reports.
In January-February 2019 the share of TOP-5 in Mandatory Insurance of Civil Liability of Motor Vehicle Owners increased from 55.4% (a year before) to 73.9%, allinsurance.kz reported.
FITCH Ratings has affirmed Kazakhstan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a stable outlook, the agency's report says.
In January this year, 87% of total GWP was generated by voluntary insurance. The total market GWP increased by 40.8% y-o-y and paid claims went up by 10.9%, according to the National Bank of Kazakhstan.
According to the National Bank of Kazakhstan, as of February 1, 2019 total assets of the re/insurance companies amounted to KZT 1080,0 billion (+3% year-to-date).
In 2018 assets of the Kazakh insurance sector increased by 13.3% y-o-y from KZT 925.34 billion to KZT 1.05 trillion, as allinsurance.kz wrote.