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
- Total market ranking
- Life insurance ranking
- Non-life insurance ranking
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