1 November 2019 Disclaimer

Non-Life insurance 
The core of the market is the non-life insurance sector which accounted 
for almost 77% of GWPs in 2018. However, it was the worst year in terms 
of GWPs, as after an upsurge in 2016, the sector entered a stagnation 
phase with negative growth in 2018, while gross claims, in contrast, went 
up by 12,8% (see graph 3.16). According to data for 9 months of 2019, the 
non-life market revives, demonstrating 20% rise year to year . We expect 
the upward trend will persist fostered by launching of the electronic 
policies, which clients can buy directly online. In terms of segment 
distribution, the largest share in GWPs poses property insurance 
accounting for 26% followed by compulsory insurances (MTPL and 
employees), which together represented 33% of total GWPs by the end of 
2018 (see graph 3.12). In 2018, the most dynamic insurance products 
were insurance against accident and compulsory MTPL, with growth rates 
of 65% and 23% respectively. The ratio of gross claims to GWPs stood at 
28,2% in 2018, however for the 9 months of 2019 gross claims increased 
significantly due to the large share of insurance against financial losses 
3
The calculations based on the total income and expenses statement of insurance (reinsurance) organizations of Kazakhstan 
7,3%
7,0%
8,0%
6,3%
16,4%
14,0%
18,6%
13,6%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
2016
2017
2018
8M 2019
ROA
ROE
-20
0
20
40
60
80
100
2016
2017
2018
9M 2019
Technical result
Investment activity
Other income/expences
Corporate income tax:
Profit/loss after taxes
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
50
100
150
200
250
300
350
400
2016
2017
2018
2019f
GWPs non-life , KZT bn (lhs)
Claims non-life, KZT bn (lhs)
Ratio Claims to GWPs, y-o-y growth

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