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.

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