STATISTICS: KAZAKHSTAN: after 9 months GWP decreased by 0.8% y-o-y

Based on the result after 3 quarters the insurance sector demonstrated a decrease of GWP by 0.8%. At that operating income, as of the beginning of October, went up by 1% and investment income - by 30%, informed

However, as wrote, the decrease was much less in September than in August (0.8% vs 1.2%). As a result, total GWP reached KZT 286.8 billion (vs KZT 289.2 billion a year ago).

GWP of compulsory classes, unlike the general trend, went up by 8.6%. Mandatory liability insurance of vehicle owners is still the growth driver of the compulsory segment, its GWP growth rates during 9 months amounted to 18.2%.

Among voluntary classes the best dynamics of premiums was recorded by voluntary personal insurance with GWP growth at 19.2%. In absolute terms its GWP exceeded KZT 90.8 billion. If this trend continues, the class may overcome property insurance line, in GWP terms, by the end of the year.

Life insurance also keeps positive results with GWP growth by 46.6% to KZT 35.2 billion. Voluntary health insurance increased by 10.3%. While voluntary property insurance after 9 months lost 17% of GWP. This decline is connected with rapid decrease of total property insurance by 19.4% to KZT 56.4 billion, including inward reinsurance. After 3 quarters positive dynamics was also recorded by Motor Hull (+17.8%). Besides that, GWP growth was also demonstrated by air transport insurance, water transport insurance, financial loss insurance, and some other classes.

As of the end of September, the share of compulsory insurance in total market GWP amounted to 28.7% (vs 26.2% a year ago), the share of voluntary personal insurance - 31.7% (vs 26.3%), the share of voluntary property insurance dropped to 39.6% (vs 47.4%).

Total market income reached KZT 271 billion (vs KZT 251.9 billion a year ago), and total expenses had almost no change (KZT 188.7 billion vs KZT 189.2 billion). The market profit before tax amounted to KZT 82.3 billion (vs KZT 62.7 billion). Net profit reached KZT 75.6 billion, which is 36.5% more than after 9 months last year, wrote

*EUR 1 = KZT 420.91 (30.09.2018)

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

Share |

Related articles

KAZAKHSTAN: in 2018 motor insurance generated over 30% of non-life premiums

Based on 2018 result, motor insurance (MTPL and MoD) generated over 30% of non-life GWP. At that, according to the statistics of the National Bank, MTPL segment last year saw a significant concentration growth - TOP-5 generated 66.5% of GWP vs 47.6% in 2017 (total growth of MTPL amounted to 23% y-o-y).


KAZAKHSTAN: Unit-Linked may become a new market driver

Staring January 1, 2019 Kazakh life insurers may offer Unit-Linked products, charging an insurance fee that will depend on the investment results. Also this year insurance companies may get an investment broker license, as explained the Deputy chairman of the board of Nomad Life, Askar SHAKENOV.



Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.



Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.


Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.


See all