In January-September, 2011, Georgian insurers generated a premium volume of EUR 116 million, 6% less compared to 3Q2010. Despite this decrease, life insurance premiums recorded a double value to EUR 5 million, but this type of insurance is still significantly under-represented, with a share of less than 5% in the total premium volume.

According to the results published by the National Bank of Georgia, in the analyzed period, GPI Holding (member of VIENNA INSURANCE Group) was the market leader. The underwritings value reached EUR 20 million (market share - 17%), while claims amounted to EUR 12.5 million. In 3Q/2010, the company GPI Holding ranked third, with a market share of 14%. During 2011, the company has improved step by step its market ranking, becoming market leader by the end of the first half of the year.

Georgia, with its population of around 4.6 million, currently has 15 companies active in the insurance market. Of these, 11 insurers are composite companies, and 4 operate only on the non-life insurance segment.

Access www.xprimm.com and download the 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