KAZAKHSTAN: for 11 months in 2018 the market concentration increased by almost 14% y-o-y

The Kazakh insurance sector keeps concentrating. As of December 1, 2018 the share of TOP-5 companies in general insurance GWP increased by 13.9 percentage points y-o-y, reaching 68.3% (vs 54.4% a year ago), as allinsurance.kz informed.

The market specialists note also a significant difference between the market leader's share (27.1%) and the share of the last company in the ranking (5%).

Concentration of the general insurance sector is increasing mainly due to the growth of premiums as well as due to mergers. Thus, in 2018 2 companies experienced a merger: NURPOLICY consolidated with VICTORY; KAZKOMMERTS consolidated with KHALYK Kazakhinstrakh, and also another 2 insurers surrendered their licenses for insurance activity (SALEM and Alliance-Policy).

At the moment 22 companies have licenses for general insurance. 2 of them are at the stage of liquidation.

Companies of general insurance Market share for 11 months in 2017 Market share for 11 months in 2018 GWP change (01.12.2018 vs 01.12.2017)
EURASIA19.3%27.1%+33%
KHALYK KAZAKHINSTRAKH 9.3%17.1%+73%
KAZAKHMYS15.4%10.9%-33%
NOMAD INSURANCE6.8%8.3%+16%
CENTRAS INSURANCE 3.7%5%+27%
TOP-5 total54.4%68.3%
Based on the data, published by the National Bank

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