The total assets of insurers have increased since the beginning of 2019 by 11.4% (up to 1 trillion 168.5 billion tenge). A large share in asset structure of 62.5% is held by securities. Deposits placed in second-tier banks take 16.7% of total assets; their volume has slightly grown by 2.2% (up to 194.6 billion). The reinsurance assets have significantly reduced by 25.7% (to 83.1 billion tenge). As a result, their share in total assets has dropped from 10.7% at the year beginning to 7.1%.
The ratio of total insurance assets to the country's GDP has increased from 1.70% at the year beginning to 1.89% by November 1.
Insurance reserves dominate in the liability structure of insurers; they take 91.9% of total liabilities. The total volume of these reserves has grown since the year beginning by 11.5% (up to 579.4 billion). The liabilities have increased by 8.7% (to 630.4 billion).
The total volume of insurance premiums compared to the data as of early November, 2018 has increased by 31.0% (up to 416.2 billion). Premiums received under direct insurance contracts make up 379.8 billion tenge. The main share of premiums on voluntary personal insurance is 41.0% (170.5 billion tenge in absolute terms). The share of premiums on compulsory insurance is 24.3% of the total volume, and voluntary property insurance - 34.8%.
The life insurance premiums have run up for the year beginning by 77.6% (to 118.2 billion), as a result of which their share in the total volume has risen over the year from 21.0% to 28.4%.
The growth of general insurance was not so impressive, 18.7% (up to 297.9 billion tenge). The total insurance premiums compared to Kazakhstani GDP (0.67%) looks rather insignificant but nevertheless this index has slightly increased from 0.62% year to date. Insurance premium increase per capita has been also observed, from 20,920.4 to 22,383.6 tenge.
Insurance benefits: the total volume of insurance benefits has significantly increased this year by 82.3% (up to 106.1 billion tenge) compared to the same period last year. The largest share accounted for payments on voluntary property insurance, 41.7%, followed by voluntary personal (31.4%) and compulsory insurance (26.9%).
Source: https://365info.kz/2019/12/sokrashhenie-kompanij-poshlo-na-polzu-rynku-strahovaniya
Photos are from open sources.
