Total GWP for the first half of 2023 amounted to KZT 588.05 billion (EUR 1.18 billion), which means an increase of almost 32% y-o-y, according to data published by the National Bank. The main driver of growth is voluntary property insurance.

In the context of compulsory and voluntary types of insurance, compulsory insurance increased by 31.44% to KZT 107.24 billion, and voluntary insurance - by almost 32% to KZT 480.80 billion. It should be noted that the shares of these segments in the total market volume remained virtually unchanged compared to 1H2022.

There was a decline in some classes of insurance, such as credit insurance (-74%) and financial losses (-14%).

Since the beginning of 2023, the number of concluded insurance contracts with individuals and legal entities amounted to 7,687 thousand units, which is 31.9% more y-o-y. The main growth is provided by accident insurance contracts (by 112.1% or 809 thousand units) and civil liability insurance of vehicle owners (by 20.5% or 564 thousand units).

Paid claims in 1H2023 amounted to KZT 119.29 billion (EUR 240.67 million), which is 47.61% more y-o-y. The increase was mainly driven by property insurance and civil liability insurance of vehicle owners.

The assets of insurance (reinsurance) companies have grown by 14.1% since the beginning of 2023, mainly because of an increase in income from insurance activities. As of July 1, 2023, the largest share in the asset structure is occupied by securities - 69.9% (KZT 1.6 trillion).

Liabilities of the insurance sector in June 2023 amounted to KZT 1.5 trillion (+17.2%). Equity capital increased to KZT 845 billion mainly due to the profit received from insurance activities (+9.0%). Net profit amounted to KZT 108.5 billion tenge.

Of the 25 insurers active on the market as of July 1, EURASIA holds the lead (KZT 121.33 billion), the second and third places are still occupied by HALYK (KZT 82.15 billion) and HALYK-Life (KZT 71.96 billion).

Access xprimm.com and download the latest Kazakhstani insurance market statistics for 1H2023 in EUR and KZT.