GEORGIA: MAI Georgia was positioned as the insurance brokerage market leader in 2019, both in premiums and commissions terms

8 October 2020 — Marina MAGNAVAL
MAI Georgia was the leading insurance broker on the Georgian insurance intermediation market, in 2019, holding 39% of the intermediation commissions cashed at the market level in accordance with the data published by the Insurance Supervision service. In premiums terms, MAI Georgia accounts for 32% of the direct premiums and 61% of the reinsurance premiums intermediated in Georgia.

According to the data provided by the supervising authority, at request, MAI Georgia held a similar position in the previous years with a share of 42% in 2017 and 31% in 2018, in commission terms.

The closest broker to MAI Georgia, Insurance Broker GS (correspondent of Willis Tower Watson Georgia) holds 22% of the total market commissions. These two brokers together are controlling over 60% of the intermediation market, in regard to the commissions.

Overall 16 insurance brokers registered in Georgia have mediated the direct insurance premiums of GEL 35.92 million and reinsurance premiums of GEL 18.41 million. In comparison with the total Gross Written premiums in the Georgian insurance market, mediated premiums still represent a rather low amount accounting for about 6%. However, it is worth mentioning that until a few years ago, the insurance distribution in Georgia was almost fully dominated by the insurance companies' sales networks until the arrival of more western-style insurance companies made it possible for the development of the brokerage distribution model.

MAI CEE Insurance Brokers Group was established in 1991 to bring international standards and a broad range of insurances to clients in the CEE, CIS and Caucuses regions. MAI has since grown considerably, gaining a presence in 26 countries within the region. With an adept consideration for regional differences and established regional and international relationships, MAI is embarking on its next phase of development.

MAI entered Georgia in 2007 and still enjoys a unique position, being one of only two international brokers offering both insurance and reinsurance programs.
925 views
Share |