The share of life insurance premiums from all premiums in the insurance segment increased from 12% in January-February 2023 to 14% in January-February 2024.
The volume of insurance payouts on voluntary personal life insurance for the year has enhanced by 2.3 times to 4.4 billion tenge for January-February 2024. The indicator has been growing for the third year in a row.
The share of life insurance payouts from all insurance payments increased from 5.9% in January-February 2023 to 10% in the first two months of this year.
In total, 9 insurance companies operate in the life insurance market in Kazakhstan. Almost 40% of all premiums on voluntary personal life insurance for January-February 2024 fell only on LIC Halyk-Life: 14.5 billion tenge - 70.5% more than in January-February 2023. Considerable volumes were also generated by LIC Nomad Life (10 billion tenge), LIC Freedom Finance Life (5.5 billion tenge) and European Insurance Company (4.2 billion tenge).
Almost 40% of insurance payments for voluntary personal life insurance also came from LIC Halyk-Life: 1.7 billion tenge - 4.5 times more than in the same period last year. However, the largest volume of payments in the segment was demonstrated by LIC Nomad Life: 2.1 billion tenge - 2.3 times more than a year earlier. These two LICs formed 86.6% of all life insurance payouts.
Photos are from open sources.
