50.1% increase for the Kazakh insurance market in the first quarter
Kazakh insurance companies have reported premiums of EUR 358 million in the first quarter of the year, an increase by 50.1% compared to the similar period of the last year, according to local watchdog. Mandatory insurance classes amounted to EUR 71.3 million (+25.2%) and facultative segment - EUR 286 million.
Also, life insurance premiums have rose by 96.8% to EUR 33.7 million at the end of May, with a 9.4% share in the total volume of the premiums collected. In the first quarter, companies have paid claims in amount of EUR 54.1 million, more than 8.9% in comparison to the same period of 2009.
According to the national supervisory authority, total assets of the insurance companies in January-May 2010 increased by 10.6%, reaching EUR 1.8 billion, total shareholders' equity - on 4,3%, to EUR 1 billion. The amount of insurance reserves as of June 1 totalized EUR 670 million.
There are 41 insurance companies on the local market, from which 7 specialized on the life insurance segment.
