In 1Q2023, the insurance sector grew to KZT 287.35 billion (EUR 590.56 million), which is almost 24% more y-o-y. The main growth driver is voluntary property insurance. At the same time, insurers' paid claims increased by about 37% to KZT 51.22 billion (EUR 105.28 million), as shown by data published by the National Bank.

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.

Access xprimm.com and download the latest Kazakhstan insurance market statistics for 1Q2023 in EUR and KZT.