KAZAKHSTAN: compulsory insurance showed annual growth by 16% in the first 5 months

For the period January-May 2018 premiums of compulsory insurance in Kazakhstan saw annual growth by 16%, according to the service Energyprom.kz.

Total market premiums for the mentioned period amounted to KZT 168.7 billion* (-1.5%). Slight decrease was caused by reduction of the voluntary property insurance by 18.5% to KZT 73.1 billion, at that the share of this class in total premiums dropped in a year from 52.3% to 43.3%. Compulsory insurance premiums increased by 16.2% to KZT 44.5 billion (market share 26.4%) and voluntary personal insurance premiums jumped by 17.8% to KZT 51.1 billion (market share 30.3%).

In contrast to premiums, paid claims saw only small reduction - by 0.6% to KZT 37.7 billion. In terms of claims, paid in classes, the voluntary property insurance saw increase by 11.4% to KZT 11.5 billion, and voluntary personal insurance claims, quite the contrary, reduced by 2.8% to KZT 13.6 billion, claims in compulsory insurance decreased by 7.5% to KZT 12.6 billion. The share of the voluntary personal insurance in total claims amounted to 36.2% (vs 37% a year ago), the share of compulsory insurance amounted to 33.3% (vs 35.8%), the share of the voluntary property insurance claims amounted to 30.5% (vs 27.55%).

In terms of insurers' GWP the leader is EURASIA (KZT 36.5 billion, +27,7%), claims, paid by EURASIA, increased by 82.8% to KZT 10.1 billion. The second place was taken by KHALYK-Kazakhinstrakh with premiums of KZT 21.4 billion (+34.2%), but the insurer's claims dropped by 7.4% to KZT 3.1 billion. The third place belongs to KHALYK-Life with KZT 18.3 billion of premiums (+46.6%), paid claims of KHALYK-Life saw an increase by 3.7% to KZT 1.6 billion, wrote the portal allinsurance.kz.

*EUR 1 = KZT 385.34 (01.06.2018 by the National Bank of Kazakhstan)

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