Following negative figures registered during the whole year 2011, the insurance sector saw growth momentum into first quarter of 2012. Practically, Georgian insurance industry ended 1Q2012 with a respectable growth of 67 per cent over the previous year. According to the results published by the National Bank of Georgia (NBG), the non-life insurance industry registered a total of EUR 53 million in premiums for the first quarter of 2012, representing a significant 57% improvement over the corresponding period in 2011. At the same time, strong growth was recorded in the life insurance segment: EUR 6 million in premiums, representing a 280% increase.
As in 2011, in 1Q2012, a significant share in the insurance market portfolio was represented by health insurance, the businesses of Georgian insurers being focused to a percent of 70% on this type of insurance (over EUR 41 million).
Regarding motor insurance, in 1Q2012, this segment generated only EUR 4.5 million, of which EUR 4 million related to Motor Hull policies, and EUR 0.5 million for MTPL.
The insurance market in Georgia is lead by 5 companies - ALDAGI, PSP Insurance, GPI Holding VIG, IMEDI-L International and IRAO VIG -, accounting in 1Q2012 for almost three-quarters of the total insurance market.
Georgia, with its population of around 4.6 million, according to NBG, currently has 16 companies active in the insurance market and 12 mediation brokers.
Further market expansion is expected, as European insurers seem to be interested to enter it. The most recent example comes from the Romanian insurer ASTRA Asigurari, of which shareholders will discuss on on July 2 about setting up an insurance-reinsurance company in Georgia.
Access www.xprimm.com and download the FY 2011 and 1Q2012 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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