Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reports 2024 insurance sector expansion with assets up 25.3% to KZT 3.1 trillion and premiums up 50.6% to KZT 1.5 trillion

The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan published insurance sector statistics as of 1 January 2025, showing strong growth through 2024. The market comprised 25 insurers (including 10 life insurers), with insurance and reinsurance companies’ assets increasing 25.3% to KZT 3.1 trillion and sector net profit totalling KZT 216.2 billion. Securities represented 76.0% of assets (KZT 2.4 trillion), followed by cash and deposits at second-tier banks at 5.3% (KZT 166 billion) and insurance receivables at 4.0% (KZT 124 billion). Liabilities rose 37.0% to KZT 2.2 trillion mainly due to higher insurance reserves, while equity increased 4.5% to KZT 945 billion. Insurance contracts increased 36.1% year on year to 23.1 million, driven by accident insurance (5.7 million contracts, up 160.4%) and sickness insurance (287,000, up 47.7%). Total premiums reached KZT 1.5 trillion, including mandatory insurance premiums of KZT 251.7 billion (up 29.9%), voluntary personal insurance premiums of KZT 796.8 billion (2.2 times higher), and voluntary property insurance premiums of KZT 458.2 billion (up 2.0%). Claims payments rose 21.9% to KZT 334.2 billion across 1.3 million payments, with growth mainly linked to compulsory employee accident insurance.