Georgian insurers posted underwritings worth GEL 233.9 mil (EUR 115 million) between January-June 2012, a 24.3% growth in national currency as compared with the 1H 2011 results. Paid claims have increased by 1.2% reaching GEL 118.2 million (EUR 58 million), according to financial results published by the National Bank of Georgia.
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.
The largest player was established in the Georgian insurance and hospital markets, as on April 5th, insurance Company ALDAGI BCI became the owner of an 85% capital share of IMEDI L, in a deal of GEL 8 million (EUR 3.8 million), announced by COMMERSANT.
In January-September, 2011, Georgian insurers generated a premium volume of EUR 116 million, 6% less compared to 3Q2010. Despite this decrease, life insurance premiums recorded a double value to EUR 5 million, but this type of insurance is still significantly under-represented, with a share of less than 5% in the total premium volume.
According to research done by The FINANCIAL, out of the insurance companies in Georgia the most reliable is Aldagi BCI.
The net profit of the insurance companies from Georgia, totaled in 2010, GEL 33.9 million (about USD 20 million), with 89.4% more than the results registered in 2009.
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.
Georgian Government and insurance companies have signed an agreement
which includes the initiative of President of Georgia, Mikheil SAAKASHVILI,
about the accessibility of population to health insurance.