STATISTICS: KAZAKHSTAN, H1 2018: life insurance increase by almost 10%
Shares of life and non-life segments saw slight changes compared to the last year (16.79% and 83.21% vs 15.84% and 84.16% accordingly). In non-life segment the main share of premiums is owned by property class, however, half year premiums in property saw a slight decrease by 2.05%. Another driver of non-life segment, motor insurance, had a good positive trend (+27%), at that the major contribution was made by MTPL (+almost 29%).
Total market premiums as of July 1, 2018 increased by 3.73%, compared to the same period last year, up to KZT 212.1 billion, that included premiums under direct insurance agreements in the amount of KZT 187.3 billion. For reinsurance to non-residents of Kazakhstan were ceded 83.4% of premiums, ceded in reinsurance.
Total volume of paid claims for the first 6 months amounted to KZT 48.7 billion (+5.67% compared to the same period of 2017). At that paid claims in life segment dropped by 4.18%, and in non-life segment, jumped by 7.57%. Non-life classes with the highest growth of paid claims were insurance of financial risks (+572.57%) and property insurance (almost +171%).
The market leader, EURASIA, for the first half year demonstrated premiums' growth by 30%, but paid claims of the leader jumped dramatically - by 113.77% in local currency. HALYK-Kazakhinstrakh, having the 2nd place in terms of premiums, saw premiums' growth by more than 40%, and paid claims of HALYK-Kazakhinstrakh showed an opposite, declining trend. Among other insurers from TOP-5 only KAZAKHMYS' premiums dropped (-13%), keeping the trend of the first quarter this year.
As of July 1, 2018 Kazakh market was represented by 32 re/insurance companies. Total volume of assets for the first 6 months increased by 7.3%, liabilities also jumped by 8.4%, total volume of insurance reserves - by 6.8%.
Access http://xprimm.com/ and download Kazakhstan market figures.