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The amount of life insurance premiums is growing for the second consecutive year

Payments on them during this year decreased
The amount of life insurance premiums is growing for the second consecutive year

In January-November 2017, life insurance premiums exceeded KZT 30 billion, annual growth was 20.8% (5.2 billion tenge), a year earlier - 13.7% (3 billion tenge). The volume of insurance payments decreased by 9.4% (195 million tenge), up to 1.9 billion tenge. A year earlier, the volume of payments showed an increase of 2.1 times (1.1 billion tenge), up to 2.1 billion tenge. The data is given by finprom.kz.

The amount of premiums on life insurance for January-November of 2016 exceeded payments by 12 times, in 2017 (January-November) this indicator increased to 16.

The share of premiums for life insurance in November 2017 was one third of the premiums for voluntary personal insurance - 33.4%, in November 2016 - was slightly less (32%). The share of all receipts from insurance premiums for the year to November 2017 increased from 7.5% to 8.8%.

The share of life insurance payments from voluntary personal insurance for the year decreased slightly from 7.2% to 6.5%. The share of all insurance payments increased from 2.3% to 2.4%.

The potential for the development of life insurance in the RK is very high. One of the advantages of the industry is cash-value life insurance, in which customers will not only be protected in the event of an insured event, but also be able to receive an insurance amount at the end of the insurance period if the insured event has not occurred, which is an alternative to deposits.

In January-November 2017, 7 insurance companies worked on the life insurance market. The leader in the collection of insurance premiums was Halyk-Life with a volume of 14.7 billion tenge, which is 2.5 times (by 8.9 billion tenge) more than in the same period last year. Halyk-Life owns almost half of the life insurance market - 48.7%, a year earlier - 23.1%.

Next comes the European insurance company - 11.7 billion tenge, which is 14.9% (2 billion tenge) less than last year. The company's share in the market declined from 55.2% in November 2016 to 38.9% in November 2017.

On the third place is Nomad Life – KZT 2.2 bn., growth for the year is almost 1.5 times (by 691.4 bn Tg). The market share for the year increased from 6.1% to 7.3%.

Most of all insurance payments were made by Kazkommerts-Life - 887.1 million tenge, which is 24.3% (285.4 million tenge) less than a year earlier. The company's share in the market decreased from 56.4% to 47.1%.

On the second place is the European insurance company, life insurance payments amounted to KZT 724.1 m., which is 4.2% (31.4 m. tenge) less than in January-November 2016. The market share has increased from 36.4% to 38.4%.

Nomad Life closes the top three leaders - 141.8 million tenge, growth for the year by 13.9% (17.3 million tenge). The market share has increased from 6% to 7.5%.

Source:  https://kapital.kz/finance/66137/summa-premij-po-strahovaniyu-zhizni-rastet-vtoroj-god-podryad.html

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