STATISTICS: Kazakhstan, 1H2017: Total GWP up by 3.28%; motor and property insurance business declining

The Kazakh insurance market has seen a y-o-y GWP growth of 3.28% in 1H2017, reaching a total of KZT 204.43 billion. On the non-life insurance side, property, motor insurance, carriers' liability and financial losses classes saw decreasing GWP volumes.

The aggregate value of claims reached KZT 46.08 billion (an increase of 0.13%), practically remaining at the same level as in 1H2016.

During the first half of 2017, preparatory work was completed for the transfer of the Unique Insurance Database from the Actuarial Statistical Bureau to a new operator - the subsidiary of the National Bank "The State Credit Bureau".

Another legislative change in course the introduction of e-MTPL. The market authority is currently preparing the draft law, its adoption being expected for 2018.

On the other hand, MTPL limits of liability for damages caused to property, life and health of injured persons are expected to increase soon. "According to the current legislation, insurer's liability for one insured event resulting in bodily injury or death is 1000 MCI (monthly calculated indicator), in case of material damage - 600 MCI. As a consequence, this measure may lead to an increase in tariffs", explained Oleg HANIN, Chairman of the Board, KOMMESK-OMIR.

Oleg HANIN also pointed out that there is under discussion an improvement to the bonus-malus mechanism providing for the registration not only of the accident event itself, but also of the number and nature of violations tp the traffic rules.

The forthcoming issue of the specialized publication "INSURANCE Profile Kazakhstan 1H2017" will be officially launched 22 October 2017, during the Baden-Baden XPRIMM Reception. INSURANCE Profile Kazakhstan, co-produced by XPRIMM and Interconsult Info (Kazakhstan), is one of the main channels of information about the insurance business environment with in Kazakhstan.

Access and download the 1H2017 Kazakh insurance market statistics.

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