According to experts, the share of insurance premiums for voluntary personal life insurance from January to July 2024 has amounted to 14.8%, which is the lowest result in the same period in the last four years. For the same period in 2023, it reached 16.6%, and in 2022 - 19.7%.
The volume of premiums for voluntary personal life insurance in Kazakhstan for January-July 2024 has reached 136.5 billion tenge, which is 19.7% more than for the same period in 2023. A year earlier, the growth was 11.2%.
The volume of insurance benefits has enhanced by 42% reaching 17.8 billion tenge in January-July this year. Previously, for two years in a row, the indicator has been growing by 2.6 times in 2022 and 2.2 times in 2023.
The ratio of benefits to premiums in the life insurance market for the year increased from 11% in January-July 2023 to 13% in January-July 2024. In the same period of 2022, this ratio was only 5.6%.
The efficiency of life insurance companies has noticeably decreased over the past two years, while in 2018-2021 this indicator has varied within the range of 2.3%-4.8%. According to analysts, a noticeable increase in the ratio of benefits to premiums may indicate growth in the level of losses and less effective risk management in the life insurance market.
Source: https://inbusiness.kz/ru/last/kazahstancy-stali-menshe-strahovat-svoyu-zhizn
Photo courtesy of public sources
