STATISTICS: KAZAKHSTAN, FY2017: insurers reported about EUR 144 million in FY net profit
The Kazakh insurance market totaled KZT 370.17 billion (about EUR 930 million) in 2017 up by 3.72% than a year before, as showed by the year-end figures published by NBK.
Of this total, about 90% (KZT 332 billion / EUR 687 million) represents the volume of insurance premiums taken under direct insurance contracts, the remaining part is represented by accepted reinsurance premiums.
About three quarters of total GWP (~73.85%, KZT 273.39 billion) were generated by voluntary insurance classes, while the share of mandatory insurance GWP increased up to more than 26%.
By business lines, at the end of December 2017, the GWP portfolio consisted mostly of property insurance (21.89%), life insurance (17.88%), MTPL (13.63%) and policies covering workers' accidents (11.55%).
According to the presented figures, the local insurance market reported gross profit of KZT 66.99 billion (EUR 168 million), while the net profit totaled KZT 57.23 billion (about EUR 144 million). A year before, the same indicator amounted to KZT 82.77 billion and KZT 68.20 billion respectively.
As of 31 December 2017, the assets of Kazakh insurers amounted to KZT 926.65 billion (EUR 2.32 billion), while the aggregate value of insurance reserves was KZT 460.48 billion (EUR 1.16 billion).
The Kazakh insurance sector was represented by 32 insurers, seven of which were active only in the life insurance segment.
In terms of GWP, the largest insurers in the country were EURASIA (14.47% market share), followed by KAZAKHMYS (10.66%) and HALYK-LIFE(9.91%). The share of Top 3 largest insurers in total GWP exceeded 35%, while Top 10 accounted for more than 71%.
Access www.xprimm.com and download the FY2017 Kazakh insurance market statistics.