As the market experts believe, the introduction of compulsory insurance for tourists from January 1st, 2019 allowed the market to increase its total volume of travel insurance to almost KZT 5.7 billion (~EUR 13.4 million).
During the first 11 months of 2019, voluntary travel insurance grew by 23% y-o-y, to KZT 613 million, despite a lower total number of contracts, which decreased by 7.3%. Experts attribute the segment's growth to the increase of the average premium per insured by almost 1.8 times, as well as to the reduction of the insurers' paid claims in GWP ratio from 26% to 18%.
The experts also noted a higher concentration within the voluntary travel segment - TOP 3 insurers generated 71.7% of GWP (vs. 54.3% a year ago). The leader of the segment was HALYK (market share of 40.5%), followed by NOMAD Insurance (20%) and InterTeach (11.2%). The share of the same companies in the segment's paid claims was approximately 61%.
On compulsory travel insurance side, the leader in terms of GWP was NOMAD Insurance (with a share in GWP of 88.6% and a share in the segment's paid claims of 23.4%).
* EUR 1 = KZT 425.14 (as of 01.12.2019)