Insurance Companies of Georgia finishes first quarter with profit

Business Materials 18 May 2012 19:01 (UTC +04:00)

Georgia, Tbilisi, May 18 /Trend N.Kirtzkhalia/

Insurance companies of Georgia came to the profit again after the unprofitable 2011.

According to the National Bank of Georgia profits of the insurance sector amounted to 4 million lari in the first quarter. The loss amounted to 23 million lari last year.

Experts believe the main reason for loss is the participation of hospital sector rehabilitation in the government program.

National Bank of Georgia said attracted premium insurance companies amounted to 131 million lari in the first quarter of 2012 which is 53 percent more than the same period last year. During the reporting period, the insurance company paid the damages amounting to 51.728 million lari, increasing by 7 percent compared to the same period in 2011.

Health insurance leads among the types of insurance - 91.652 million lari (70 percent), followed by life insurance - 13.443 million (10.3 percent), insurance, ground transportation - 8.890 million GEL (6.8 percent) and property insurance - 8 7 million lari (6.64 percent). The overall share of the remaining 14 types of insurance is 6.3 percent.

Aldagi BCI leads by attracted premiums - 34.107 million lari a market share amounted to 26 percent. PSP insurance is in the second place 20.087 million (15.3 percent), the third - GPI holding - 17.662 million (13.5 percent).

There were 14 insurance companies in the first quarter of 2011 in May, two of them Aldagi BCI and Imedi merged in the result of which they share increased to 37 percent.