According to experts, the profit of Kazakhstani life insurers declined almost by half due to a sharp increase in reserve costs.
The premiums in the life insurance industry grew by 1.2 times year-on-year to 199.5 billion tenge. The share is 45.8% from the total volume (27.5% as of May 1, 2023).
The share of assets of the insurance sector in GDP is 2.16%; insurance premiums - 0.91%. The ratio of insurance premium per capita is 55.4 thousand tenge. The share of the top ten insurance companies in total assets is 81.3%, equity capital - 81.2%, premiums - 77.3%, payments - 74.7%. The insurance sector is currently represented by 25 insurance organizations, nine of which are life insurance companies.
Source: https://kz.kursiv.media/2024-06-21/lgtn-insurance-market/
Photo is from open sources.
