KAZAKHSTAN: for Jan-Nov 2018 the Motor Hull market share went up by 12% y-o-y

According to the National Bank of Kazakhstan as of December 1, 2018 the Motor Hull market share went up by 12% y-o-y, at the same time total number of the insured vehicles dropped by 4.5 % y-o-y, as allinsurance.kz informed.

The market specialists believe that the segment's market share increase mainly comes from the increase of the insurance cost. Average cost of insurance for individuals went up from KZT 50 thousand to KZT 54.6 thousand, the average cost of insurance for legal entities had a more significant increase - from KZT 74.7 thousand in 2017 to KZT 98.9 thousand in 2018.

The growth of the average policy cost and the segment's market share is directly related to the trends in the vehicle market. According to the Association of Kazakhstan AutoBusiness, for January-November in 2018 Kazakhstanis spent for new cars 33% more y-o-y. Total number of the cars, sold during the mentioned period, amounted to 55,162 units (vs 44,047 of cars for January-November 2017).

*EUR 1 = KZT 422.43 (01.12.2018)

EUR 1 = KZT 391.40 (01.12.2017)

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