STATISTICS: KAZAKHSTAN, 1Q2022: life insurance shrunk by 17% y-o-y

8 June 2022 — Marina MAGNAVAL
The first quarter of 2022, the insurance sector of Kazakhstan ended with an increase of 6.57%, reaching KZT 231.91 billion (EUR 454.22 million). Unlike premiums, paid claims increased by more than 34% y-o-y, as the data published by the National Bank show.

According to the results of the quarter, life insurance decreased by 17%, reducing its share in the market portfolio to 27%. On the other hand, non-life insurance, on the contrary, gained momentum - the growth rate was almost 20%, and its share in the market portfolio almost reached 73%. Such non-life classes as GTPL, cargo, property, motor hull, and sickness insurance grew at an accelerated pace.

Paid claims recorded an upward trend in all classes, especially voluntary life insurance, where they increased by 226% to KZT 2.73 billion.

Out of 27 active insurers, EURASIA (KZT 52.91 billion) holds the leadership in terms of GWP in the overall ranking. The second place was retained by HALYK (KZT 42.22 billion), and the third - by NOMAD-Life (KZT 25.72 billion). It is worth noting that the ranking order of leaders in the top-5 has not changed compared to the first quarter of 2021.

Access and download the latest Kazakhstani insurance market statistics.

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