For most insurance companies, this segment remains unprofitable.
In the first ten months of this year, insurance companies paid out 65 billion tenge, which is double the amount compared to the same period in 2020. Despite its popularity, many companies are forced to pay out more than they collect.
As noted by Deputy Head of the Agency Maria Khadzhieva, mandatory auto insurance continues to be in demand among citizens and is actively adopting digital technologies.
It was added that since 2019, all mandatory types of insurance have been transitioned to an online format, and starting from early 2024, drivers will be able to handle insurance claims through a mobile application.
Currently, thanks to this service, 1.7 billion tenge has been paid out in 9366 cases, with an average payout processing time of 15 days.
However, the financial situation in this market remains tense. This year, the loss ratio has increased by 29%, and payouts now account for 80% of all collected funds.
In certain regions with a low loss ratio, revising rates helps reduce the burden on vehicle owners, but large payouts still threaten the financial stability of many insurers, who continue to pay out more than they receive.