It is worth noting that voluntary life insurance decreased by 11%, and among non-life insurance classes, financial losses (-51%) recorded a decrease. At the same time, the most impressive growth was observed in cargo insurance (over 200%) and MoD (+170%).
The increase in paid claims was mainly due to their increase in property, loan and accident insurance.
The assets of insurance (reinsurance) companies increased to KZT 2.2 trillion (a 6.5% increase since the beginning of 2023), mainly because of an increase in income from insurance activities. As of April 1, the largest share in the structure of assets is occupied by securities - 71.4% (KZT 1.6 trillion).
Liabilities of insurers increased to KZT 1.4 trillion (+6.3% since the beginning of 2023). Equity capital increased to KZT 829 billion, mainly due to profits received from insurance activities. Net profit in the insurance market since the beginning of 2023 amounted to KZT 45.9 billion.
From January to March 2023, the number of concluded insurance contracts for individuals and legal entities increased by 31% y-o-y. The main growth was in third party liability insurance of vehicle owners (+24.6%) and accident insurance (+95.8%).
In the first quarter of 2023, 25 companies operated on the market, of which 10 are life insurers. The leadership continues to be held by EURASIA (KZT 64.53 billion), followed by HALYK and HALYK-Life.
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