KAZAKHSTAN: life premiums for January-July increased more than 1.5 times y-o-y

Life GWP for January-July amounted to 11.2% of total market GWP (vs 7.5% a year ago), according to Energyprom.kz. Thus, life premiums increased more than 1.5 times y-o-y.

Voluntary life insurance went up y-o-y by 54.7%, premiums for January-July amounted to KZT 27.4 billion. At that total market GWP saw a rather low growth rate, by 3.8% to KZT 245.2 billion.

Paid claims during January-July decreased by 6.4% to KZT 1.1 billion, while total market paid claims went up by 10.7%. Life paid claims' share in the total market's paid claims dropped from 2.1% to 1.8%.

In terms of life GWP for the first 7 months of the year, the leader is HALYK-Life (KZT 14.4 billion, +78.1% y-o-y), followed by EUROPEAN Insurance Company (KZT 7.7 billion, +4.9%), and NOMAD-Life (KZT 3.2 billion, increase by 2.3 times). In terms of life paid claims, the leader is EUROPEAN Insurance Company (KZT 679.1 million, +55.9% y-o-y), followed by KAZKOMMERTS-Life (KZT 260.6 million, - 50.9%), and NOMAD-Life (KZT 87 million, - 0.3%).

*EUR 1 = KZT 405.54 (as of 31.07.2018)

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