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.

During the second quarter of 2012, gross written premiums of the Georgian insurance market reached GEL 102.6 million (EUR 50 million), 21.5% less than in Q1.

As in the previous year also in the 1H/2012 health insurance segment generated the largest amount of business for local insurers, 65.5% share of the market or GEL 153.2 million (EUR 75 million).

In terms of property insurance, underwritings went up to GEL 24.8 million or EUR 12 million (10.6% market share). Also, in life insurance lines premiums written reached GEL 16.9 million (EUR 8 million), representing 7.2% of the total in the insurance market.

Up until June 30th 2012, in the Georgian insurance market operated 14 companies. Local insurance market leader by gross premium written remains ALDAGI with GEL 52.7 million (EUR 26 million). Second in line comes GPI HOLDING VIG with underwritings of GEL 40.5 million (EUR 20 million), followed by IMEDI-L International with EUR 12 million.

Access www.xprimm.com and download the 1H 2012 Georgian insurance market statistics.

Market portfolio (in EUR and GEL):

• Gross written premiums
• Paid claims
• Growth rates
  

Market rankings (GWP/Claims/Market shares/Growth rates - in EUR and GEL):

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