As of November 1, 2019, insurers assets grew by 18% y-o-y and amounted to KZT 1,168.5 billion (EUR 2.69 billion). However, total retained profit dropped by 10.4%, to KZT 69.7 billion (EUR 0.16 billion), as Allinsurance.kz reports.
Kazakhstan's market GWP reached KZT 378.9 billion (+32.1% in local currency; ~ EUR 894.87 million) at the end of third quarter of 2019, National Bank's data show.
The National Bank of Kazakhstan published three advisory measures as a supervisory response, after the analysis of violations of the rights and interests of financial services consumers, committed by insurance companies in the first three quarters of 2019, Allinsurance.kz reports.
S&P Global Ratings assesses insurance industry and country risk as moderately high for the life insurance sector in Kazakhstan (BBB-/Stable/A-3), as stated in the agency's report.
The National Bank of Kazakhstan has set the task of changing the country's insurance sector by introducing Solvency II standard in the forecast of economic development of Kazakhstan for 2020-2024, as Allinsurance.kz reports.
From January to August 2019 GWP of 26 Kazakh insurers reached KZT 342.6 billion (~EUR 0.8 billion), which is 30% more y-o-y, Allinsurance.kz reports.
Between January - July this year, Kazakh insurers paid KZT 16.7 billion (~EUR 39 million) in the most popular individual insurance class, MTPL, which is 18% more y-o-y, according to Allinsurance.kz.
During the January - July 2019 period, total market GWP increased by KZT 57.1 billion/~EUR 0.13 billion (+23%) y-o-y. At the same time, about 80% of that increase was provided by the life sector, as Allinsurance.kz reports.
In the first half of 2019, the market grew by 20.20% y-o-y in local currency, GWP reached almost KZT 255 billion (~EUR 588 million), as data published by the National Bank of Kazakhstan show.
In the first half of 2019, local insurer assets grew by 12.8% y-o-y, to KZT 1.1 trillion (~EUR 2.54 billion). However, in the background, profit dropped by 20% to KZT 35.5 billion (~EUR 81.97 million), Allinsurance.kz reports.
According to Sigma, the research publication of Swiss Re, the Kazakh insurance market ranked 77th among world markets in 2018, ahead of Cyprus, Allinsurance.kz reported with reference to Express-k.kz.
Total equity of insurers in May continued to decline (-0.6%) and amounted to KZT 499.1 billion (~EUR 1.17 billion). However, the leader in terms of equity, EURASIA, improved its result in May to KZT 137.8 billion, as did VICTORY, which ranks second (to KZT 87.1 billion), Allinsurance.kz reports.
In January-May 2019, income of the Kazakh insurers amounted to KZT 176.7 billion (~EUR 0.41 billion), which is 25.1% more y-o-y, Allinsurance.kz reported based on data from Finprom.kz.
In May, 2019, GWP of Kazakh life insurance companies increased by 33.6% (to KZT 71 billion/~EUR 167 million) y-o-y, Allinsurance.kz reports.
According to the National Bank of Kazakhstan, for the period from January to May, total GWP amounted to KZT 208.7 billion/~EUR 0.49 billion (+24% y-o-y). 34% of GWP were contributed by the life sector, Allinsurance.kz reports.
Total number of insurance companies at the end of April 2019, was 27 (vs 31 a year ago). At the same time, assets of insurers increased by 17.6% y-o-y, according to Ranking.kz.
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.
According to a Ranking.kz estimation based on data from the National Bank, for the first four months of this year, total income of the Kazakh insurers reached KZT 133.2 billion, which is 25.8% more y-o-y, Allinsurance.kz reports.
As of May 1, 2019, 7 out of 16 companies, providing MTPL insurance, showed negative trend y-o-y, although total GWP of the segment increased by 14%, to KZT 22.9 billion, Allinsurance.kz reports with reference to the data of the National Bank of Kazakhstan.
For the first quarter of 2019, total market GWP rose by 10.5% y-o-y reaching KZT 118.9 billion (EUR 279 million). Life GWP increased by 50.9%, to KZT 24 billion (EUR 56.4 million). Paid claims amounted to KZT 27 billion (EUR 63.5 million), 29.6% more y-o-y, according to data from the National Bank.