GEORGIA: GPI Holding keeps the largest market share - over 20%

16 September 2020 — Marina MAGNAVAL
GPI Holding continues to lead and holds the largest share of the Georgian insurance market (20.62%) according to the half-year data, provided by the State supervision service of Georgia.

In the first half of 2020 the company generated GWP 38% more y-o-y (GEL 78.46 million/EUR 22.77 million). It should be noted that, in general, in the insurance market the major part of the total premiums came from health insurance, and GPI Holding is the leader in this segment, far ahead of other competitors. In this segment, the company's GWP for the period amounted to GEL 48.20 million.

Paata LOMADZE, General director of GPI Holding, explained:

"Despite the pandemic, GPI not only maintained its leadership, but also grew and developed in parallel with the insurance market. The data for two quarters allows us to safely say that we were able to minimize the impact of covid-19 on our company's activities. To avoid the crisis, all processes were easily transferred to digital channels. With the help of online systems, we maintained business continuity, all GPI employees worked remotely, but as usual, and our policyholders received all insurance services continuously and with no interruption. Thanks to all that we were able not to lose our position in the insurance market, and despite the pandemic, we even increased our share. However, it should be mentioned that the growth was mainly driven by health insurance, and the crisis had a serious impact on the life insurance portfolio, especially in the retail sector. Unfortunately, in this regard, the market and our company are experiencing a decline, and this is a serious problem for the insurance industry overall."

GPI Holding has been operating in the Georgian insurance market for 19 years and keeps a leading position. Since 2006, the insurer has been a member of the Vienna Insurance Group, one of the largest in Europe, Business Georgia reports.

Share |