In 1H2024, the insurance sector of Kazakhstan grew by 28.31%, reaching KZT 754.52 billion (EUR 1.49 billion). Insurers' paid claims increased by 25.69% to KZT 149.94 billion (EUR 297.04 million), as data published by the National Bank show.

The share of life insurance in the market portfolio increased significantly y-o-y and amounted to 34.37%, while the share of non-life insurance dropped to 65.63%. In terms of growth rates, life insurance considerably outpaces non-life insurance, supporting overall market growth.

In non-life insurance, the largest class in terms of GWP is property insurance, which brought in almost 19% of all premiums. At the same time the largest class on the market is pension annuity, the share of which rose from 9.58% a year earlier to 19.33% at the end of 1H2024.

Paid claims on the market demonstrated growth in many insurance classes, although in the second largest insurance class on the market - property insurance, paid claims, on the contrary, drastically decreased (-22.76%).

Of the 24 insurers active on the market as of the end of 1H2024, the leading position was taken by HALYK-Life (KZT 131.14 billion), having risen from third position a year earlier. EURASIA dropped to second place (KZT 119.20 billion), while Freedom Finance Life rose to third.

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