Assets of the insurance sector at the end of November 2024 increased by 20.8%, amounting to KZT 3.0 trillion (~EUR 5.55 billion), mainly because of increased income from insurance activities and revaluation of foreign currency.

As of December 1, 2024, securities accounted for the largest share in the asset structure - 75.8% (KZT 2.3 trillion), Allinsurance.kz reports referring to the Agency for Regulation and Development of Financial Market of Kazakhstan.

Liabilities of the insurance sector from January to November 2024 increased by 30.7% to KZT 2.1 trillion thanks to the growth of insurance reserves. Equity increased by 3.2% to KZT 933 billion over the period, mainly due to profits from insurance activities. Net profit in the insurance market from January to November 2024 amounted to KZT 206.0 billion due to income from insurance and investment activities.

The number of insurance contracts concluded for individuals and legal entities from January to November 2024 amounted to 21.2 million units, which is 37.7% more y-o-y. The main growth was observed in accident insurance (5.3 million contracts, +165.1%) and health insurance (290.7 thousand contracts, +51.3%).

From January to November 2024, total GWP amounted to KZT 1.3 trillion (+52.7% y-o-y)/EUR 2.41 billion. The main growth driver was voluntary personal insurance, where insurers generated KZT 701.3 billion in the first 11 months of 2024, which is 123.4% more y-o-y, mainly due to an increase in accident insurance by 130.5% and pension annuity insurance by 3.4 times.

Voluntary property insurance from January to November 2024 amounted to KZT 413.3 billion, which is 6.3% more y-o-y, mainly due to an increase in property damage insurance (19.2%).

Compulsory insurance amounted to KZT 223.5 billion in the first 11 months of 2024 (+29.0%). The growth occurred mainly in compulsory accident insurance of employees (65.1%).

Total paid claims from January to November 2024 amounted to KZT 301.1 billion (~EUR 0.56 billion), which is 23.2% more y-o-y due to an increase in compulsory accident insurance of employees by 210%.

As of December 1, 2024, 25 insurance organizations operated in the insurance sector of the Republic of Kazakhstan, of which 10 are life insurers, the source writes.

*EUR 1 = KZT 540.05 (30.11.2024)