At the end of 3Q2023, the insurance sector in Kazakhstan reached KZT 863.74 billion (EUR 1.71 billion), which is 27% more y-o-y. At the same time, paid claims jumped by almost 40%, amounting to KZT 195.28 billion (EUR 387.84 million), as data published by the National Bank show.

The market remains focused on non-life insurance, which has increased its share in the portfolio to approximately 72%, and the growth rate of non-life insurance is significantly higher than that of life insurance.

It is worth noting three large non-life classes with a double-digit share in the total GWP: property insurance, MTPL and Motor Hull. Moreover, the growth rate of Motor Hull is the highest on the market (+134%). Almost all classes recorded a positive result, except for insurance against financial losses.

Paid claims saw growth almost everywhere, except for insurance against financial losses and cargo. While the highest growth rates were observed in insurance of workers against accidents (+128%).

Of the 25 insurers active in the market as of the end of 3Q2023, the leadership is held by EURASIA (KZT 155.75 billion), followed by HALYK-Life (KZT 116.27 billion) and HALYK (KZT 102.55 billion). These are the only three companies in the market with double-digit shares.

Access xprimm.com and download the latest Kazakhstan insurance market statistics for 3Q2023 in EUR and KZT.