The total insurance premium volume in Georgia increased impressively to EUR 215 million (GEL 460.3 million) in the period January - September 2012, 75% more as compared with the same period a year ago, according to the data published by the National Bank of Georgia. In terms of claims, the local insurers paid out EUR 83.6 million in insurance damages until the end of September, 10.7% more y-o-y.

The health insurance segment reported the highest increase on the market (+110%), as a result of the reforms in the healthcare system. At the same time, the health insurance accounted for the most significant share on the market, the businesses of local insurers being focused on this type of insurance to a large extent, exceeding 76% of the market portfolio. Along the same lines, the next largest insurance categories on the market were property (7.1% of total), followed by motor hull (5.2%) and life insurance (4.3%).

Who were the market leaders?

ALDAGI BCI achieved a market share of 18.4% in 3Q2012, and thus consolidated their position as the number 1 on the Georgian insurance market (gross written premiums of GEL 84.5 million). The company is the result of the merger process produced in 2007, between ALDAGI (the first insurer founded on the Georgian market in 1990) and BCI (owned by the Bank of Georgia), when 100% of ALDAGI shares were acquired by BCI.

The second position was held by ARCHIMEDES Global Georgia - GEL 76.8 million (16.7% market share). The insurer is a member of the Israeli company ARCHIMEDES Global Limited, which was established on the Georgian market in December 2007 and operates exclusively in the field of health insurance.

Top 3 was completed by GPI Holding (GEL 66.8 million - 14.5% market share). The company was established in 2001 as the first private pension fund in Georgia, and since 2006 it has been a member of VIENNA Insurance Group - being in Georgia for the first time when a well known European group became a shareholder of a local company.

Top 3 generated 50% of the total insurance market, the remaining 50% belonging to the other 12 active companies.

Access www.xprimm.com and download the 3Q2012 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