The insurance market in Georgia has seen a slight increase in 2010 of the gross written premiums of 0.27%, up to GEL 361.46 million (EUR 152.24 million) as compared with the similar period of 2009, when the profile companies underwrote GEL 360.45 million (EUR 151.82 million), according to the most recent data published by the National Bank of Georgia.

Also, approved and paid claims totaled GEL 188.75 million (EUR 79.51 million) down by 0.24% from the amount of compensations paid in 2009 (GEL 189.21 million - EUR 79.65 million).

Even if the gross written premiums in the previous year remained at 2009 levels, the insurance companies ceded almost 15% more premiums in reinsurance in 2010, up to GEL 53.86 million (22.68 million EUR) compared to GEL 47.14 million (EUR 19.86 million) in 2009.

On insurance lines, an important market share in the field is held by health insurance - 68%, with underwritings of GEL 245.80 million in 2010 (EUR 103.53 million) due to the state-funded health program that provides about 25 medical programs offered by insurance companies to citizens with low income of Georgia.

Also, 9.72% of total gross written premiums is held by the property line (GEL 35.15 million - EUR 14.80 million) and 2.77% rests with the life segment, with premiums of GEL 10.0 million (EUR 4.21 million).

At the end of 2010, 16 insurance companies were activating on the profile market in Georgia, according to data published by the National Bank of Georgia.