In 1Q2024, the insurance sector of Kazakhstan grew by 27.56%, reaching KZT 366.55 billion (EUR 760.79 million). Paid claims of insurers increased by 31% to KZT 67.26 billion (EUR 139.61 million), as data published by the National Bank show.

The share of non-life insurance in the market portfolio fell by more than 5% to just over 70% at the end of 1Q2024, while the share of life insurance increased to 29%. It is worth noting that life insurance grew more dynamically (by almost 57%) compared to non-life insurance (+18%).

In non-life insurance and in the total market portfolio, the largest class in terms of GWP is property insurance, which generated over 22% of all premiums. Next are life insurance and motor insurance. However, motor insurance dynamics was negative due to a decrease in MTPL.

Paid claims saw an increase in many classes, although there were also decreases - for example, in cargo insurance and GTPL. Property insurance, as the largest class, demonstrated a rather moderate increase in paid claims (+5.54%).

Of the 25 insurers active in the market as of the end of 1Q2024, EURASIA remains the undisputed leader (KZT 64.12 billion). HALYK (KZT 50.10 billion) and HALYK-Life (KZT 54.76 billion) swapped places - HALYK-Life moved up to second position.

Access xprimm.com and download the latest Kazakhstan insurance market statistics for 1Q2024 in EUR and KZT.