STATISTICS: KAZAKHSTAN, FY2020: the growth of the life sector is twice that of the non-life (in local currency)

11 February 2021 — Marina MAGNAVAL
As the 2020 market results, published by the National Bank, show, total GWP last year amounted to KZT 568.1 billion (EUR 1.1 billion), which is almost 12% more y-o-y in local currency.

It is worth noting that life insurance grew twice as fast (+18%) as non-life insurance (+9%). At the same time, the share of life insurance in the market portfolio increased, while the share of non-life decreased slightly. In terms of compulsory and voluntary insurance, the largest growth (over 14% y-o-y) was observed in voluntary types, while compulsory insurance had quite a modest growth.

The largest segments of non-life insurance, such as MTPL (+5.7%) and property insurance (+24%) increased, while such segments as accident insurance (almost -14%) and GTPL (almost -27 %) decreased.

Market paid claims significantly dropped y-o-y, to KZT 149.9 billion (~EUR 290 million). Although paid claims in life insurance grew by about 25%, in non-life insurance, on the contrary, they decreased by 37%.

At the end of December 2020, 28 insurance companies operated in the insurance market of Kazakhstan. EURASIA continues to lead the market ranking with a GWP worth KZT 101.2 billion. HALYK moved to the second place, from the third a year ago, while HALYK-Life moved down to the fourth, losing third to NOMAD LIFE.

Access XPRIMM Database and download latest Kazakh insurance market statistics.

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