The rising cost of medical services is especially noticeable—and doubly burdensome—when it comes to accidents. According to the Ministry of Health of the Republic of Kazakhstan, in 2024, more than 2.5 million people sought trauma-related medical care, of which 240,000 were treated in hospitals. Doctors performed over 130,000 surgeries, of which 1,556 were high-tech procedures — meaning particularly expensive ones.
Every year, more than 182,000 accidents and injuries are reported among children under the age of 17. The most common types of child injuries are: domestic injuries (40%), street accidents (35%), road traffic injuries (10%), sports injuries (5%), falls from great heights (5%), and incidents such as drownings, fires, and poisonings (5%). According to the Chief Freelance Pediatric Traumatologist, the primary causes of these injuries are human factors—lack of supervision, negligence, or lack of safety awareness. Up to 80% of tragic incidents involving children are due to adult fault. For example, in 2024, there were 357 recorded cases of children falling out of windows, 25 of which were fatal. In just the first four months of the current year, 107 such incidents were recorded, 7 of them fatal.
The statistics on road traffic accidents are equally alarming: the number of people injured has approached 41,000 — more than double the figure from 2023. In the first half of this year alone, over 21,000 people were injured in road accidents, compared to 13,000 during the same period in 2024. While CASCO (comprehensive auto insurance) helps cover the cost of vehicle repairs, voluntary accident insurance can provide crucial financial support for medical treatment and rehabilitation.
Voluntary accident insurance is a form of personal insurance in which the insurer agrees to pay a designated amount to the insured person (or their family) in the event of an accident resulting in bodily injury, temporary disability, permanent disability, or death. This type of coverage is particularly relevant given the high incidence of accidents and injuries among both adults and children, especially amid the rising number of traffic accidents and the steady increase in medical service costs.
The growing popularity of voluntary accident insurance is supported by data from the National Bank of Kazakhstan. Over the past year, total premiums collected in this segment nearly doubled — from KZT 40.1 billion in January–May 2024 to KZT 79.3 billion in the same period this year. Notably, general insurance companies (non-life insurers) showed a 15.3-fold increase in collected premiums, compared to a 68% increase among life insurance companies.
However, total insurance payouts from general insurers amounted to only KZT 260 million, compared to KZT 3.2 billion for life insurers. The claims-to-premiums ratio was just 1.9% for general insurers, versus 4.9% for life insurers.
The amount of insurance payouts is a key indicator of the real social value of insurance. It reflects a company's willingness and ability to fulfill its obligations to clients. High payout volumes signal that the product is both in demand and effective: people are not just buying policies as a formality—they are receiving real financial protection in difficult situations.
On the other hand, a sharp decline in payouts amid rising premium collections may point to lower coverage effectiveness, stricter claims requirements, or an aggressive sales focus at the expense of client compensation. While the overall payout ratio in the voluntary accident insurance segment remains very low, a closer look at individual companies reveals varying levels of performance.
In the voluntary accident insurance market, Halyk Insurance leads among general insurers in terms of payouts, with KZT 165.5 million. The company also demonstrates an optimal efficiency ratio, with a claims-to-premiums ratio of 45.1%, indicating strong coverage without financial losses — proof of high client protection alongside sustained profitability.
Following Halyk Insurance are Kazakhmys Insurance Company (KZT 56.5 million in payouts) and Basel Insurance (KZT 13.2 million). However, Kazakhmys shows a claims ratio of 309.5%, which may indicate poor financial efficiency, while Basel demonstrates a balanced 52.9%, considered optimal.
Accident insurance primarily covers the consequences of injuries. In contrast, for illnesses — especially serious ones with heavy financial burdens on families — voluntary health insurance is highly relevant. While less widespread than accident insurance, this product has strong potential, particularly given the consistent rise in treatment costs (outpatient services, hospitalization, medications, etc.).
The total premiums collected in the voluntary health insurance segment reached KZT 42.5 billion, of which KZT 40 billion came from general insurance companies. Total payouts amounted to KZT 19.1 billion, with KZT 18.6 billion paid out by general insurers. Here, the claims-to-premiums ratio is much higher — 46.6%, indicating greater benefit realization for clients.
Among general insurers, Halyk Insurance also leads in voluntary health insurance payouts: KZT 3.6 billion. Next are Sinoasia B&R Insurance (KZT 3.3 billion) and Kazakhmys Insurance (KZT 2.6 billion). Halyk’s claims ratio stands at 56%, Sinoasia B&R at 44.7%, and Kazakhmys at 96.1%.
The volume of insurance company assets is a core indicator of financial stability and investment potential. Assets form the financial base for insurance reserves, liquidity, and ultimately, claim payouts. Therefore, asset volume directly correlates with a company’s ability to meet its obligations.
As of the end of March 2025, the total assets of general insurers grew by KZT 41.1 billion (+2.8%), reaching KZT 1.5 trillion. This asset growth reflects an expanding client base, increased investments, and higher returns. Among general insurers, the largest increase came from Halyk Insurance: +KZT 14.4 billion (+6.3%), bringing total assets to KZT 241.7 billion. Amid intense competition and rising client expectations, this steady growth—coinciding with the company’s 30th anniversary—demonstrates its reliability, maturity, and long-term strategic vision.
Next in asset growth are Eurasia Insurance Company and Sinoasia B&R, with increases of KZT 12.9 billion and KZT 7.6 billion, respectively.
Given the increase in medical service costs and the growing risk of injury, the importance of voluntary accident and health insurance is rising naturally. When choosing an insurance company, it is wise to consider not only the volume of collected premiums but also the claims payout ratio and asset growth dynamics. Companies that demonstrate a high payout-to-premium ratio alongside stable asset growth confirm their financial resilience and client-oriented approach. These are the players who build trust in the market and provide genuine protection for policyholders.
