STATISTICS: KAZAKHSTAN, 1Q2017: Significantly drop for motor insurance lines

In January-March 2017, the Kazakh insurance market has seen a GWP growth of 10.02% as compared to the similar period in 2016, reaching a total of KZT 104,924.52 million.

By insurance lines, to the positive evolution have contributed Accidents (up by 56.81%), Life insurance (38.05%), CARGO (29.00%), GTPL (26.50%), Annuity (26.37%), Worker against accidents (19.95%) and Property insurance (18.65%).

In the reporting period, motor insurance types of insurance declined by 2.28%: Motor Hull (went down by 10.55%), while MTPL practically remained at the same level of 1Q2016. The main reasons are increased prices of spare parts and repair costs, as a result of the currency depreciation, while the economic situation affected the demand for Motor Hull products.

In 1Q2017, a tendency of claims growth by 5.40% was maintained, especially due to increase in compensations paid on motor, CARGO and GTL insurance segment.

Access www.xprimm.com and download the 1Q2017 Kazakh insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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