The number of insurance contracts with individuals, including compulsory travel insurance (CTI), in Kazakhstan increased by 38% to 18 million units in January-October of this year, according to a market study by ranking.kz.

Total assets of insurance (reinsurance) organizations of Kazakhstan from the beginning of the year to the end of September 2024 grew by 13.4%, reaching KZT 2.8 trillion (~EUR 5.23 billion), mainly as a result of the growth of income from insurance activities, Allinsurance.kz reports referring to the Agency for Regulation and Development of Financial Market of Kazakhstan.

A total of 9,363 claims were filed based on the European Accident Statement in the first 9 months of 2024. Total payments reached KZT 1,480 billion, and the average settlement period was 15 days, the Agency for Regulation and Development of Financial Market of Kazakhstan reported.

For the period from January to September 2024, Kazakhstan's insurance sector grew by 40.12%, reaching KZT 1,210.27 billion (EUR 2.26 billion). Insurers' paid claims increased by 23.37% to KZT 240.92 billion (EUR 450.36 million), as shown by data published by the National Bank.

Total premiums in compulsory insurance of workers against accidents in Kazakhstan for January-August of this year amounted to KZT 95.3 billion (~EUR 0.18 billion), which is 61.4% more y-o-y. It is noted that this class shows significant growth for the third year in a row, Allinsurance.kz writes.

Nomad Insurance, one of the top-10 insurance companies in Kazakhstan, has announced a reinsurance agreement with Coca-Cola HBC, one of the largest beverage producers in the world, the insurer said in its statement.

AM Best agency confirmed Eurasia's financial strength rating at B++ and its long-term credit rating at bbb+ with a stable outlook, the insurer reports. It is noted that the company has maintained the highest rating among all insurance companies in Kazakhstan from AM Best for many years.

From January to August of this year, voluntary property insurance of motor vehicles in Kazakhstan amounted to KZT 67.9 billion (~EUR 128 million), which is 10.1% less y-o-y, Kapital.kz writes.

Based on the study of international experience and analysis of the insurance market of Kazakhstan, it was decided to introduce mandatory catastrophic risk insurance in the republic.

From January to July 2024, the growth rate of insurance sales in Kazakhstan increased significantly y-o-y. New leaders have emerged, demonstrating large sales volumes, according to the Chairman of the Board of Freedom Insurance Azamat Kerimbayev, Allinsurance.kz writes.

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.

Compulsory insurance of civil liability of carriers to passengers in Kazakhstan in January-July 2024 amounted to KZT 1.9 billion (~EUR 3.71 million), which is 11.6% more y-o-y. It is noted that a year earlier the segment’s growth was 13.6% (according to calculations by Ranking.kz), Allinsurance.kz writes.

The total property damage to vehicle owners after a strong hail that hit Astana on August 8 may exceed KZT 4.5 billion (~EUR 8.37 million), according to estimates from the EURASIA insurance company.

As a result of the severe hailstorm that occurred in Astana in early August, at least 5,000 vehicles were damaged, according to preliminary estimates from Eurasia’s (the market leader) specialists.

In the first quarter of this year, life insurance in Kazakhstan increased by 26% y-o-y, while paid claims jumped by 64% at once, Allinsurance.kz reports with a reference to the National Bank’s data.

In the first quarter of this year, life insurance in Kazakhstan increased by 26% y-o-y, while paid claims jumped by 64% at once, Allinsurance.kz reports with a reference to the National Bank’s data.

From January to May, assets of the insurance sector of Kazakhstan grew by 2.3%, and at the end of May amounted to KZT 2.6 trillion (EUR 5.40 billion), mainly because of the voluntary reorganization of KazakhExport into an export credit agency.

Voluntary insurance of property in Kazakhstan from January to April 2024 increased by 7.9% y-o-y and amounted to KZT 98.9 billion (EUR 208.28 million). It is noted that a year earlier the growth of the segment was 13.1%, Allinsurance.kz writes.

In 1Q2024, the insurance sector of Kazakhstan grew by 27.56%, reaching KZT 366.55 billion (EUR 760.79 million). Paid claims of insurers increased by 31% to KZT 67.26 billion (EUR 139.61 million), as data published by the National Bank show.

The MTPL market in Kazakhstan in January-March 2024 amounted to KZT 24.9 billion (~EUR 51.68 million), which is 12.6% less y-o-y. Also, the leader in this segment has changed, Allinsurance.kz writes.