STATISTICS: KAZAKHSTAN, 1Q2018: rather moderate market growth rate, of about 2.8%

During Q1 2018 Kazakh insurers' GWP grew only by 2.78% y-o-y, while claims dropped by 13.44%. Life insurance saw the best growth rate (+13%), while non-life had a rather moderate increase (+1.19%), according to National Bank of Kazakhstan's data.

Non-life segment holds the major part of the market (85.22%). Its drivers are property insurance and motor insurance with about 28% and 17% shares respectively, however, during the first quarter property class decreased by almost 4%, while such classes as accidents (+20.43%), financial losses (~+30%)

and some others demonstrated good positive trend.

Paid claims in local currency after Q1 saw a declining trend almost in all classes except for accidents, property, financial losses and cargo insurance, which demonstrated a rapid increase of paid claims.

As of April 1, 2018, the local market was represented by 32 re/insurers. The leader of the market, EURASIA, recorded an almost 28% mgrowth rate, however, its claims also jumped by approximately 30% during the first 3 months. Another insurer with a market share of around 13% is HALYK-Kazakhinstrakh, followed by HALYK-Life, KAZAKHMYS and NOMAD Insurance. Among TOP-5 insurers only premiums of KAZAKHMYS dropped in the Q1 (~-19%).

Access and download Kazakhstan market figures.

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

Share |

Related articles

Moves on the Kazakh insurance market under the scrutiny of A.M.Best

A.M. Best will evaluate the impact that the merger transaction between the Kazakh Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) and JSC IC Kazkommerts-Policy, on August 29, 2018, had on Kazakhinstrakh's Credit Rating.



Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.



HOEPKE, Munich Re: I expect at least a stable renewal round in 2019

After severe storm damage in Japan and the United States, Munich Re is looking with a little more optimism to the next renewal season. "I expect at least a stable renewal round in 2019," Board member Doris HOEPKE said in Baden-Baden. Until recently the reinsurer's expectations were leaning towards a stagnant season.



Five new XPRIMM insurance reports on the Baden Baden stands

Five new titles are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.


See all