GEORGIA: GPI Holding maintains the market leadership position after 3Q2019

17 January 2020 — Daniela GHETU
GPI Holding, a member of Vienna Insurance Group, maintained its leadership position on the Georgian insurance market, with a 17% market share after 3Q2019. The company reported GWP worth EUR 25.36 million and reinsurance premiums of EUR 4.38 million, while paid claims reached EUR 16.4 million.

In the first nine months of the last year the company has issued almost 1.14 million insurance policies, while the number of policies in force by the end of the period was close to 375 thousand. A total of 729 thousand cars had MTPL coverage from GPI Holding, while about 91 thousand cars had a Motor Hull coverage. Motor insurance lines provide for almost 51% of the non-life gross premiums written by the company, totaling GWP of EUR 5.87 million. Claims paid for both motor insurance lines amounted to EUR 2.8 million in 3Q2019.

Property insurance, on the other hand, accounts for about 27% of the non-life portfolio, the company reporting in 3Q2019 GWP of EUR 3.18 million.

Health insurance holds, however, the largest part of the overall direct premiums portfolio, totaling GWP worth EUR 13.2 million. In the first three quarters of 2019, the company paid claims of about EUR 10.6 million for this line of business. To reflect the importance of the health insurance line is the effort put by GPI Holding into improving its customers' experience, by providing a specialized app (MyGPI) that allows insureds to always control the insurance limits, expenses or referrals in an effective manner.

Established in 2001, GPI holding is among the leaders of the insurance market maintaining stable and organic growth through the last 15 years. In 2006 GPI Holding became a member of the Vienna Insurance Group - one of the leading insurance companies in Europe. That move was a significant headway for the company not only in terms of its financial stability but also in terms of experience.

Innovative approach, unique insurance products tailored to match the needs of local population, high quality service and the team of motivated employees are those factors that have ensured and continue to ensure the success of GPI Holding.

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