STATISTICS: KAZAKHSTAN, 1H2021: GWP grew by almost 53%, while paid claims dropped by more than 35% y-o-y

5 August 2021 — Marina MAGNAVAL
Kazakhstani insurers ended the first half of 2021 with an increase of almost 53% y-o-y (in local currency), GWP reaching KZT 428.61 billion (EUR 841.46 million). The market driver was life insurance, annual growth of which exceeded 130% at the end of June, according to data published by the National Bank.

Non-life insurance also recorded growth (+28.32%), however, its share in the market portfolio decreased to about 64% from 76% a year ago. It should be noted that almost all non-life LoBs recorded growth in the first six months of the year.

Market paid claims decreased significantly, by more than 35% y-o-y, to KZT 59.23 billion by the end of June. However, segment-wise, a decrease in paid claims was observed only in non-life insurance, while paid claims in life insurance, on the contrary, increased. In terms of insurance types, a decline in paid claims was recorded by voluntary insurance, while paid claims of compulsory types increased y-o-y.

Of the 27 active companies, according to the 1H results, EURASIA maintains the leadership (KZT 79.34 billion), HALYK ranks second and HALYK-Life - third. Total market share of the three leaders dropped below 50% if compared to the same period last year - from 52% to 48%.

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