KAZAKHSTAN: gross premiums decline, life insurance is growing - show 5 months' result

Data for 5 months, published by the Kazakh National Bank, show growth slowdown of the insurance market, wrote the portal allinsurance.kz.

As of June 1, total GWP decreased by 1.5% to KZT 168.7 billion*. Life premiums had an opposite trend - up by 17.4% to KZT 29 billion. The share of life premiums in total volume amounted to 17.2% (vs 14.4% a year ago).

During 5 months insurers paid KZT 31.5 billion of claims (0.5% less than a year before). So far this year KZT 42.7 billion were ceded in reinsurance (25.3% of the total GWP). Equity capital for the period under consideration increased by 1.5% to KZT 417.8 billion. Insurance reserves jumped by 4.9% (to KZT 483.1 billion), total assets of local insurers as of June 1 amounted to KZT 948.1 billion (+2.5%), insurance liabilities increased by 3.3% (up to KZT 530.3 billion).

*EUR 1 = KZT 385.34 (01.06.2018)

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