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XPRIMM News NEWS ALERT, June 12th, 2012
June 12th, 2012

AIIF 2012 - "New Perspectives in the Caucasus Region"
Business expansion in a young insurance market is still a growth model followed by many European players. However, for such an operation to be successful requires a deep knowledge and understanding of local customs, markets, legal issues and regulations, as well as the ability to mobilize local resources and talent that understands how to tread in the local environment. This is also the value proposition of AIIF 2012 - The Azerbaijan International Insurance Forum.


AZERBAIJAN, 1Q2012: Spectacular growth and a new leader
In January-March 2012, the Azerbaijani insurance market has increased in European currency by 78% to EUR 77.8 million. Of the revenues, EUR 9.1 million was gained from life insurance, while EUR 68.7 million on non-life insurance. At the same time, The State Insurance Supervision Service under the Ministry of Finance reported that in 1Q2012, total volume of payments of all 28 insurance companies in the country made EUR 15.9 million.

Access and download the 1Q2012 Azerbaijani insurance market statistics.


GEORGIA: From red (FY11) to black (1Q12)
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 half 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.

Access and download the FY 2011 and 1Q2012 Georgian insurance market statistics.


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