KAZAKHSTAN: MTPL concentration increasing - TOP-5 share has exceeded 73%
The number of MTPL companies decreased by 5 compared with the same period last year. At the same time, the market leader, EURASIA, has increased its MTPL volume during the first 4 months of 2019 by 54% y-o-y. The leader's MTPL market share went up to 21.2%.
The second leader in terms of GWP is HALYK. Its market share in the segment grew from 8.3% in 2018 to 16.4% on May 1, 2019. Experts explain the growth of the second leader's volume mainly by the merger with KAZKOMMERTS Policy. Experts noted an impressive increase of the segment's concentration - the share of TOP-5 companies increased from 56.8% on May 1, 2018 to 73.4% on May 1, 2019.
As of May 1, 2019, MTPL paid claims grew by 16.6%, to KZT 9.7 billion. The average paid claims ratio went up by 2%, to 42%. At that, 7 out of 16 MTPL insurers demonstrate paid claims ratio above that average.
*EUR 1 = KZT 427.15 (May 1, 2019)