GEORGIA: ALPHA is leading motor insurance based on Q1 result

5 July 2018 — Marina MAGNAVAL
According to the Insurance Supervisory Authority of Georgia, after the 1st quarter this year insurer ALHPA is leading the motor insurance sector.

In 1Q the total number of insurance policies of ALPHA in motor insurance amounted to 82,600, next goes GPI with 75,909 of policies and the 3rd leader in terms of number of policies is ALDAGI - 75,853. Motor insurance on the Georgian market is one of the most important segments. Its market share is 20%, last year in motor insurance local companies generated GEL 32.6 million* of premiums.

ALPHA is the most dynamic company in terms of growth. In total for the first quarter the insurer generated GEL 8.7 million** (+75% compared to the same period last year). The most strategic business line for ALPHA is retail insurance, in particular, property insurance, motor insurance and health insurance. In 3 months this year the insurer produced 63,088 policies in retail insurance products (all lines considered), while the total number of policies issued, including those for corporate clients or state entities, amounts to 119, 868. By the end of Q1, ALPHA had a portfolio of almost 100 thousand policies in force.

*1 EUR = 3.1044 Lari - GEL (December 31st,2017)

**1 EUR = 2.9762 Lari - GEL (March 31st,2018)

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