Baku, Azerbaijan, Aug. 14
By Elena Kosolapova - Trend:
Profitability of car insurance in Kazakhstan declines, analytical service Ranking.kz said.
The amount of payments on voluntary insurance of motor vehicles in January-June 2015 increased to 2.8 billion tenge (187.85 tenge = $1) from 2.3 billion tenge a year earlier, or by 22 percent.
The growth of payments is accompanied by a reduction of premiums for car insurance fees. For the first six months of 2015, insurers collected premiums worth 7.7 billion tenge, which is 420 million tenge less than in the same period last year (a 5 percent decrease). The share of car insurance in total insurance market (premiums) volume is still small and accounts for five percent. For comparison, the share of compulsory insurance of liability of car owners is 13 percent in the total amount of premiums collected.
In the first half of 2015, only 15 insurance companies were able to show growth in premiums out of 23 insurance companies in Kazakhstan providing services on voluntary motor insurance.
The TOP-3 leaders on the growth of insurance premiums hasn't changed. In January-June of 2015, the highest amount of premiums on car insurance was attracted by the "Kaspi Insurance" company in the amount of 737.9 million tenge. "Eurasia" insurance company takes the second place with 567.6 million tenge. "Amanat Insurance" company wraps up the TOP-3, which increased its portfolio of premiums on this class of insurance by 327.1 million tenge compared to the end of the first half of 2014.
Edited by CN
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