Insurance sector’s premiums up in Georgia
BAKU, Azerbaijan, August 11
By Tamilla Mammadova – Trend:
In 6 months of 2020, the insurance sector’s premiums amounted to 376.9 million lari ($122.9 million) that is 9 percent more than in the same period in 2019, Trend reports via the Insurance State Supervision Service of Georgia (ISSSG).
In the same period, the insurance companies earned 89.5 million lari ($29.1 million) in profit that is 23 percent more than in the first 6 months of 2019. The net profit of the insurance sector amounted to 29.2 million lari ($9.5 million) which is 49 percent more than in the same period in 2019.
The total assets of insurance companies amounted to 976.7 million lari ($318.5 million), volume of capital - 273.9 million lari ($89.3 million).
In the first 3 months of 2020, the net profit of insurance companies amounted to 8.3 million lari ($2.7 million), the volume of assets - 766.2 million lari ($249.9 million), capital – 230.2 million lari ($75.08 million).
Some 16 percent of the Georgian population use private health insurance while only 7 percent of the registered car fleet is insured in the country.
Some 607,330 health insurance policies are in force in the country, and 92,753 cars are insured as of the first half of 2020.
Health insurance is still the leader in the market and accounts for 45 percent of the total insurance. transport accounts for 16 percent, property- 16 percent, life insurance- 7 percent, vehicle owners’ civil liability - 5 percent, civil liability- 4 percent, the rest - 7 percent.
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