KAZAKHSTAN: the life sector grew by more than 74% y-o-y

The National Bank of Kazakhstan reports that as of May 1, 2019, market GWP increased by 19.9% y-o-y amounting to KZT 166.8 billion. Paid claims grew by 51.5% y-o-y, to KZT 37.9 billion, Allinsurance.kz reports.

The share of GWP ceded in reinsurance amounted to 20.1% of the total market (KZT 33.5 billion), 92.1% of which were ceded in reinsurance to non-residents of the republic.

The life sector increased by 74.3% y-o-y, to KZT 38.9 billion. Its share in the market portfolio reached 23.3% (vs 16.0% a year ago).

Total market assets of the 27 re/insurance companies amounted to KZT 1 116.1 billion as of May 1, 2019, up 6.4% since the beginning of this year. Total insurance obligations have increased by 5.8% y-o-y and reached KZT 613.9 billion, insurance reserves grew by 7.6% to KZT 558.9 billion. Total equity of insurers has increased by 7.2% and reached KZT 502.2 billion, Allinsurance.kz reported.

*EUR 1 = KZT 427.15 (01.05.2019)

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