STATISTICS: KAZAKHSTAN, 3Q2022: non-life insurance takes over 70% of the market GWP portfolio

2 November 2022 — Marina MAGNAVAL
STATISTICS:  KAZAKHSTAN, 3Q2022: non-life insurance takes over 70% of the market GWP portfolio
The insurance sector of Kazakhstan ended three quarters of 2022 with an increase of 12% y-o-y in local currency. Total GWP volume reached KZT 677.83 billion (EUR 1.46 billion). At the same time, insurers' paid claims increased by almost 54%, to KZT 139.75 billion (EUR 302.37 million), according to the data published by the National Bank.

Life insurance continued to decline (-12.56%), while non-life insurance grew by more than 27%, taking over 70% of the total market premium portfolio. The most significant non-life class is property insurance, which reached KZT 134.26 billion. The non-life class with the fastest growth rate over the period is worker accident insurance (+66%). In terms of market segmentation into voluntary and compulsory insurance, compulsory insurance demonstrates the highest growth rates, with a rather moderate growth in voluntary insurance.

Paid claims recorded growth across all classes of insurance. It is worth noting their rapid growth in property insurance (almost 135%), accident insurance, Motor Hull and GTPL.

Out of 27 active insurers, EURASIA (KZT 129.21 billion) holds the leadership in terms of GWP in the overall ranking, followed by HALYK-Life (KZT 93.74 billion) and HALYK.

Access xprimm.com and download the latest Kazakhstan insurance market statistics for 3Q2022 in EUR and KZT.



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