STATISTICS:

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 http://xprimm.com/ and download Kazakhstan market figures.





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

Share |

Related articles

ON THE MOVE

AZERBAIJAN: Azer ALIYEV re-heads Azerbaijan Insurers Association

Azer ALIYEV has been appointed the new chairman of the Azerbaijan Insurers Association (ASA). Association's ex-chair Mustafa ABBASBEYLIi has been assigned advisor to Labor & Social Protection Minister Sahil BABAYEV, as analytical and news agency FINEKO and ABC.AZ wrote.

23.01.2019

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all