bs-preloader__icon
ru kz en

Reduction of companies benefited insurance market

As of the beginning of 2019, 29 insurers have worked in the market, including 6 life insurers. According to the National Bank statistic data, by November 1 there have been 27 of them, but the number of life insurance companies has grown to 7.
Reduction of companies benefited insurance market

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.

Share
read also
Are you making plans for your wife’s death?
Are you making plans for your wife’s death?

Exactly 20 years ago, the British insurance company Albany Life released its advertis...

Universal life insurance policy for a full life
Universal life insurance policy for a full life

Unfortunately, in the minds of our people, life insurance is strongly associated with...

JSC Kazkommerts-Life will allocate about 198 million Tenge of profit in the form of insurance dividends
JSC Kazkommerts-Life will allocate about 198 million Tenge of profit in the form of insurance dividends

Allocation of profit will be in 2017, the company's press service reported....

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application