Kazakhstan's market GWP reached KZT 378.9 billion (+32.1% in local currency; ~ EUR 894.87 million) at the end of third quarter of 2019, National Bank's data show.

The share of the non-life sector dropped to 72.66% from 80.18% a year ago, in favor of the life segment.

Total volume of net premiums increased even more significantly (+45%), to KZT 315.9 billion. According to the market specialists, the main role here was played by a big reduction in the share of premiums ceded in outward reinsurance.

Paid claims also demonstrated impressive growth (+62.9% in tenge), to KZT 114.8 billion (~EUR 271.02 million). However, net paid claims (made by local insurers) increased rather slightly - only by 16.3%, to KZT 73.4 billion, which means that the main increase of paid claims was due to large losses paid for the most part by international reinsurers.

Insurers' assets grew by 16.6%, reserves - by 22.8%, equity - by 15%, charter capital - by 26.6% y-o-y. The only decrease was observed in terms of retained earnings, which fell by 15.3%, to KZT 63.2 billion.

EURASIA keeps its leading position on the market with a market share of 20.12%, it is followed by Halyk-Life and Halyk. NOMAD LIFE ranks 4^th with GWP growth by more than 100% y-o-y, and Nomad Insurance closes the TOP-5. According to the regulator, as of October 1, 2019, the market was represented by 7 life insurers (their number hasn't changed over the year) and by 20 non-life insurers, the number of which was 23 a year ago.

* 1 EUR = 423.49 Tenge - KZT (September 30th, 2019)
Access xprimm.com and download 3Q2019 Kazakh insurance market statistics.

Kazakhstan 3Q2019 Market portfolio and rankings (in EUR and KZT):

• GWP
• Paid claims
• Growth rates
• Market shares