Kazakhstan: Underwritings have increased by 19%, to EUR 329 million, in the first four months of 2011
June 09. Romanian Insurance
By Olesea SERGHIESCU
In the first four months of the current year, insurance companies in Kazakhstan have underwritten gross premiums worth EUR 328.88 million, up by 19% compared to the same period in 2010, when premiums had totaled EUR 276.39 million. Also, claims paid by insurers amounted to EUR 54.52 million, 39.2% more than in the first four months of 2010 (EUR 39.15 million), according to official data published by the Financial Markets Supervisory Commission.
On the mandatory insurance segment, gross written premiums reached EUR 74.85 million (+44%), voluntary personal insurance – EUR 80 million (+48.9%), while property insurance registered EUR 173.98 million (+1.9%).
On May 1st, 2011, the underwritings on the life insurance line rose by 42.3%, reaching EUR 32.16 million, compared to the correspondent period from 2010 (EUR 22.60 million).
According to data presented by local supervisory authority, during January-April 2011, premiums ceded in reinsurance represented EUR 128.62 million, meaning 46.6% of the total volume of underwritings.
Currently, on the Kazakhstan insurance market, 38 insurance and reinsurance companies (of which 7 companies practice life insurance and 26 – mandatory MTPL insurance) and 14 brokerage companies operate.
Exchange Currency of the National Bank of Kazakhstan – Tenge 213.03/EUR.