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The insurance market in Kazakhstan: growth by the beginning of autumn

The highest growth rate in the market in August was total profit (retained earnings), 29.3% to KZT70.7 billion. About half of this amount was earned by Eurasia, 34.1 billion tenge, with an increase of 42.7% in August. Victoria is in second place with 23.7% growth to 5.9 billion tenge, and NOMAD LIFE is in third place with 34.2% growth to 5.2 billion tenge.
The insurance market in Kazakhstan: growth by the beginning of autumn

The total volume of assets of the Kazakhstan insurance market in August has increased by almost 1%, by 9.7 billion tenge in absolute terms to 995.2 billion tenge. After a series of mergers there have been major changes in the market. Thus, Kazkommerts-Policy joined Halyk-Kazakhinstrakh (controlled by Narodny Bank of Kazakhstan), due to which, in August, the merged company’s assets increased 1.6 times, 34.7 billion tenge in absolute terms to 91.8 billion tenge.

 


Let us note that the Narodny Bank group also includes two life insurance companies: Halyk-Life (asset growth by 5.8% to 76.3 billion tenge) and Kazkommerts-Life (0.5% to 63.9 billion tenge), which officially announced about decision of merging Kazkommerts-Life JSC and Halyk-Life JSC on 13.08.2018 at the meeting of the Board of Directors of JSC Halyk Bank Kazakhstan. Companies will be reorganized only after receiving permission from the National Bank of the Republic of Kazakhstan. The total amount of assets of insurance companies controlled by Narodny Bank has increased significantly.

The Eurasia insurance company is number one in the collected insurance premiums, 53.1 billion tenge, with 8.5% growth. Halyk-Life is the second, with 23.5% growth to 34.1 billion tenge; Halyk-Kazakhinstrakh is the third with 6.1% growth to 29.0 billion tenge.
 

Large volumes of collected premiums by September 1 were also recorded in a number of other companies. They are: Kazakhmys (20.6 billion tenge), NOMAD LIFE (18.7 billion tenge), Nomad Insurance (15.1 billion tenge) and European Insurance Company (10.4 billion tenge). The total amount of collected insurance premiums increased in August by 7.5% to 263.5 billion tenge.
 

Over the last summer month the insurance payments in Eurasia Company have increased by 7.5% to 20.1 billion tenge. Halyk-Kazakhinstrakh, being the second, has 5.2 billion tenge, with an increase of 17.8%. NOMAD LIFE LIC is running third with 3.4 billion tenge and increase of 14%.
 

Let us also note that the total amount of insurance payments was growing in August at a slower pace compared with the collected premium growth of 6.5% to almost 62 billion tenge.
The total equity capital of the insurance sector has increased by 3.8% to 463.4 billion tenge, by 17.2 billion tenge in absolute terms.
 

Thus, by results of this August Eurasia is leading with 142.7 billion tenge. Victoria insurance company is in the second place with 81.0 billion tenge; Halyk-Kazakhinstrakh is the third with 46.2 billion tenge.
 

Photos per website: www.elicebergdemadrid.com

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