GEORGIA, FY2012: Health above all

11 April 2013 — Vlad BOLDIJAR
GEORGIA, FY2012: Health above all
georgia-statisticsThe Georgian insurance market ended the financial year 2012 in black, as gross written premiums increased by 60.5% y-o-y to GEL 515 million (EUR 236 million), as the National Bank of Georgia reports. About three quarters of this value was generated by only one segment: health insurance.

The value of GWP by the Georgian insurers in the health segment totaled GEL 380 million (EUR 174 million), representing a spectacular increase of 90%. The share of the health business in the consolidated insurance market increased from 62% (in 2011) to almost 75% (in 2012).

Excluding from the calculations the share of health insurance, the insurance market would have totaled only GEL 135 million (EUR 62 million) and had a growth rate of only 12% compared with 2011, while the property insurance remained, with a GWP of GEL 41 million, the most representative class for the whole market.

According to the results published by the market authority, the life insurance line registered a total of GEL 23 million in premiums, representing a significant 38% improvement over the 2011 figures. At the same time, a strong growth was recorded in travel insurance (+23% y-o-y), GTPL (+31%) or CARGO (+23%), but this types of insurance are still significantly under-represented, with a share of less than 2% in the total premium volume.

Regarding motor insurance, this segment generated only GEL 35 million or EUR 16 million - representing 7% of the total market. Of this value, GEL 31 million was related to Motor Hull policies, and GEL 4 million to MTPL.

Access www.xprimm.com and download the FY2012 Georgian insurance market statistics.

Market portfolio (in EUR and GEL):
  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/Claims/Market shares/Growth rates - in EUR and GEL):
  • Total market ranking
  • Life insurance ranking
  • Non-life insurance ranking

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