Insurance on the rise for all sectors

Premiums totaled $1.3 billion in 2012

The total insurance market’s overview shows premiums totaling $1.3 billion, in 2012. It increased 8.7 percent compared to 2011, according to the annual report for 2012 published this week by the Association of Insurance companies.

Net income on premiums represented $122 million, rising 9 percent y-o-y. Sector assets grew 8.6 percent to $3.7 billion.

“These figures demonstrate the vitality of the local insurance industry and its importance in a time of diverse challenges,” said the report.

Life premiums stood at $370 million, up by 3.3 percent. The medical sub-sector, the strongest business line in the non-life insurance market, reported a 9.3 percent increase in premiums, which reached $362 million. But its profits went down by 40 percent. Car premiums represented a growth of 8.5 percent totaling $326 million. The car insurance industry reported profits for the first time in four years. Fire insurance premiums reached $87 million, up by 16 percent.

The reinsurance share of the premium is different according to the line of business. It has been in 2012 around 7 percent for car insurance, 27 percent for medical, but 85 percent for fire.
The report completed the quarterly statistics, which the association issued from 2011 to date.