The insurance sector in Kazakhstan is represented by 27 insurance organizations, 20 of which are general insurance and 7 - life insurance. The total amount of their assets for the first nine months of 2019 amounted to 1.15 trillion tenge, or 1.86% of GDP. The share of GDP remained at the same level in comparison with the same period in 2018.
An actual solvency margin, i.e. ratio of asset to liability of insurance companies, has increased by 9.7% from 350.6 billion tenge to 384.5 billion tenge.
The Kazakhstani insurance market has shown a stable growth this year, which over the past five years has been observed only in 2016. The volume of insurance premiums has increased by 32.1% and amounted to almost 379 billion tenge for the nine months of 2019. This dynamics is associated with an increase in the volume of annuity insurance by 2.3 times, cargo insurance by 2.2 times, voluntary accident insurance by 61% and life insurance by 50.6%. However, an intensive growth rate of these types of insurance is slowed down by a 3-fold decrease in the volume of civil liability insurance, compulsory accident insurance of employees by 17% and insurance against other financial losses by 10%.
The structure of premium collection by type of insurance this year was similar to last year, the bulk of money came from property insurance (18.8%), compulsory civil liability insurance of vehicle owners (15%), life insurance (14%). The structure has not changed much over the past five years.
The total profit of insurance companies amounted to 62.4 billion tenge, with 15.7 billion tenge accounted for life insurance companies. JSC Eurasia Insurance Company is a leader in terms of attracted profit of 25.5 billion tenge. The TOP-3 companies also included such life insurance companies as NOMAD LIFE and Halyk-Life, which earned 5.8 billion tenge and 4.4 billion tenge, respectively. As statistics show, the resources of insurance companies can improve dynamics in the industry market, thereby giving insurance a new level. This will definitely have a positive impact on the country's economy, from the creation of new jobs to stimulating GDP growth.
Photos are from open sources.