BAKU, Azerbaijan, May 5. Insurance premiums in Kazakhstan amounted to 238 billion Kazakh tenge ($532.8 million) in the first quarter of this year, which is 15.2 percent more than in the same period of 2022, Trend reports via Kazakhstan's Agency for Regulation and Development of Financial Market.
In March only this figure amounted to 67.9 billion Kazakh tenge ($152 million). The main driver of the growth of insurance premiums is voluntary property insurance.
Since the beginning of the year, insurance premiums in the amount of 41 billion Kazakh tenge ($91.7 million) have been collected for compulsory insurance, which is 32 percent more compared to the same period last year. The increase was mainly due to workers' compensation insurance (an increase of 48.3 percent or 4.8 billion Kazakh tenge - $10.7 million).
As for voluntary property insurance, insurance premiums amounted to 127 billion Kazakh tenge ($284.3 million) from the beginning of this year, which is 23.0 percent more compared to the same period last year. The growth is mainly due to an increase in the amount of premiums collected for motor vehicle insurance by 147 percent or 12 billion Kazakh tenge ($26.8 million) and property insurance by 9.3 percent or 6 billion Kazakh tenge ($13.4 million).
The insurance payouts for March 2023 amounted to 18 billion Kazakh tenge ($40.4 million). In the first quarter of 2023, the payouts equaled 50 billion Kazakh tenge ($112.8 million), which is 37.2 percent higher than for the same period last year. The growth is mainly due to an increase in insurance payouts for property, loans, and accidents.