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.
Reported by Joelle Nassar
Date Posted: Dec 19, 2013