STATISTICS: KAZAKHSTAN, 1Q2021: the market grew by more than 34% y-o-y (in local currency)

13 May 2021 — Marina MAGNAVAL
For the first quarter of 2021, the insurance market in Kazakhstan showed an impressive growth - by 34.48% to KZT 217.62 billion (EUR 436.88 million).

At the same time, life insurance increased by more than 104%, and the share of this segment in the market portfolio at the end of March reached 35%, according to data published by the National Bank.

However, even though non-life insurance also recorded good growth rates for the quarter, its share in total GWP decreased by 12%, to about 65%.

In terms of insurance classes, all major LoBs have grown compared to the first quarter of 2020. At the same time, the share of compulsory types decreased to 14.35%, while the share of voluntary, on the contrary, increased and exceeded 85%.

In contrast to premiums, market paid claims significantly declined y-o-y (by almost 59%), amounting to KZT 27.85 billion, and a decrease in paid claims was observed in most classes of insurance.

By the end of March 2021, EURASIA was the leader out of 27 active companies, shifting HALYK to the second place. NOMAD Life moved up to third place, and HALYK Life ranked fourth. It should be noted that the aggregate share of the four leaders exceeds 62% in the market GWP, however, it decreased from 65% a year earlier.

Access XPRIMM and download the latest statistics of the insurance market of Kazakhstan for 1Q2021.

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