According to the FY2024 results, the insurance sector of Kazakhstan grew by 41.38%, reaching KZT 1,679.48 billion (EUR 3.07 billion). More than 58% of all market premiums came from non-life insurance.

At the same time, in the context of voluntary and compulsory insurance, almost 84% of all premiums are generated in voluntary insurance, according to data published by the National Bank.

Life insurance grew significantly by the end of the year - by 90.59%, while its share in the market portfolio increased by almost 11%.

Among the non-life classes, motor and property insurance have double-digit shares in the total market portfolio. However, the share of motor insurance decreased by more than 6% over the year, and its year-end result was negative.

Insurers' paid claims increased by 22.14%, reaching KZT 343.49 billion (EUR 628.56 million). In motor insurance, insurers paid out almost 30% more y-o-y, while in property insurance, paid claims decreased by 3.23%.

Of the 25 insurers active in the market as of the end of 2024, the leading position in terms of premiums was taken by HALYK-Life (KZT 311.16 billion), while the previous year's leader, EURASIA, moved to fourth place (KZT 197.38 billion). NOMAD LIFE (KZT 231.16 billion) and Freedom Life (KZT 230.74 billion) now rank second and third respectively.

Access xprimm.com and download the latest Kazakhstan insurance market statistics for FY2024 in EUR and KZT.