Georgia
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Georgia FY2023 Market Portofolio
Georgia FY2023 Insurance Companies Rankings
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GEORGIA: Net profit of the insurance sector increased by 49% y-o-y in 1H2020
In the first half of 2020, total profit of Georgian insurers amounted to GEL 89.5 million (~EUR 26.10 million*), which is 23% more y-o-y. At the same time, net profit of insurance companies exceeded the level of 1H2019 by 49% and reached GEL 29.2 million, Business Georgia reports.
25 August 2020STATISTICS: GEORGIA, 1Q2020: the market grew by more than 17% in local currency
In 1Q2020, the Georgian insurance sector in expanded by 17.34% y-o-y in local currency, to GEL 211.10 million (EUR 58.05 million*). At the same time, the market dynamics in euro turned to be negative (-2.54%) due to the lari depreciation against euro.
25 June 2020GEORGIA: Among other industries, insurance sector faced a decrease in March
The economy of Georgia in March decreased by 2.7%, based on preliminary estimates y-o-y, according to Gogita TODRADZE, Executive Director of the National Statistics Office, Georgia Today reports.
7 May 2020STATISTICS: GEORGIA, FY2019: paid claims grew 5 times faster than GWP in local currency
At the end of 2019, the Georgian insurance market recorded an increase of 15.27% y-o-y in local currency. The market GWP amounted to GEL 625 million (~EUR 195 million). At the same time, the paid claims jumped by more than 76% y-o-y (in GEL), as the data of the market supervisory authorities show.
26 March 2020Second edition of the International Insurance Conference in Georgia awaits you in Tbilisi, on 30 April
Following the success of its first edition last year, the 2020 edition of the Georgian International Insurance Conference, organized by XPRIMM with the support of the Insurance State Supervision Service of Georgia, will take place in Tbilisi, on 30 April, addressing the most important issues lying ahead the local insurance industry, involving all relevant stakeholders.
5 March 2020Fitch Ratings affirms Russia, Kazakhstan, Georgia, Turkey, Bulgaria and Hungary
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').
3 March 2020GEORGIA: in 2019 the number of beneficiaries of the state agroinsurance program increased by 31%
In 2019, total state subsidies under the agroinsurance program amounted to GEL 5.84 million (~USD 2.02 million) while the number of beneficiaries of the program increased by 31% y-o-y, as Levan DAVITASHVILI, the Minister of Environmental Protection and Agriculture of Georgia, informed.
10 February 2020Insurance Group of Georgia: 20% growth in the number health insurance customers
Insurance Group of Georgia (IGG), one of the most recently launched companies with fully domestic capital, ended 3Q2019 with gross earned premiums worth GEL 9.98 million (~EUR 3.1 million), by almost 5% up y-o-y. Claims paid amounted to GEL 7.5 million (EUR 2.33 million).
20 January 2020GEORGIA: introduction of compulsory motor insurance delayed for an indefinite period
Introduction of MTPL in Georgia was delayed and the bill most likely won't be considered this year, as Devi KHECHINASHVILI, Head of the Georgian Insurance Association, believes.
20 January 2020GEORGIA: GPI Holding maintains the market leadership position after 3Q2019
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.
17 January 2020STATISTICS: GEORGIA, 3Q2019: non-life paid claims almost doubled year-on-year
From January to September 2019, the Georgian insurance market generated GWP in amount of GEL 481.85 million (~EUR 149.24 million), which in local currency represents a 15.50% increase y-o-y.
5 December 2019Georgian insurer Unison bets on speed and quality to build a portfolio of loyal customers
Georgian insurer Unison ended 2018 with GWP worth GEL 44 million (EUR 14 million), 28% more y-o-y, holding an 8% market share. NEP after Q2 2019 amounted to GEL 21 million (EUR 6,6 million), 30% more y-o-y.
24 October 2019IRAO VIG entered Georgian insurance market's Top 5 ranking in 1H2019
Georgian insurer IRAO, member of the Vienna Insurance Group, has reported GWP worth GEL 19.47 million (EUR 5.96 million) in 1H2019, 3.53% up y-o-y, a figure resulting almost entirely from the non-life insurance activity. At the end of June, the company ranked 5th, with a market share of 5.64%, ascending a position in the market hierarchy.
24 October 2019GEORGIA: TBC Insurance was the fastest growing insurer in 2017 and 2018
Georgian TBC Insurance ended 1H2019 with GWP worth GEL 39.3 million (EUR 12.03 million) and a net profit of GEL 5.96 million (EUR 1.82 million), which is 42% up y-o-y, in local currency. The growth rate achieved in GWP was close to 20% (in GEL), which qualifies the company as the fastest growing in the Georgian market in 2017 and 2018.
17 October 2019GEORGIA: mandatory insurance of tourists is required to protect the state healthcare system
Due to increasing spending on tourists, who visit the country without insurance policies, within the Georgian healthcare system, Georgia plans to start discussions on mandatory insurance for tourists, according to Devi KHECHINASHVILI, Head of Insurance Association of Georgia, as Georgia Today reports.
3 October 2019STATISTICS: GEORGIA, 1H2019: GWP grew by about 17% y-o-y, while growth of paid claims reached almost 50%
For the first six months GWP of the Georgian insurance market reached GEL 345.32 million (EUR 105.74 million), which in local currency is almost 17% more y-o-y, as the data, published by the regulator, shows.
26 September 2019GEORGIA: adoption of the law on MTPL postponed
The discussion of the MTPL bill, based on which the mandatory motor third party insurance system was supposed to be introduced from July 1, 2019, was postponed for September, as Business Georgia reports.
8 August 2019GEORGIA: total number of insured vehicles is only 6% of those registered in country
According to the State Insurance Supervision Service, the total number of Georgian citizens with private health insurance is 15%, almost exactly the same as a year ago, Business Georgia reported.
20 June 2019STATISTICS: GEORGIA, 1Q2019: over 57% of market paid claims fell in health insurance
The insurance sector of Georgia in 1Q2019 grew by 9.44% y-o-y. Total GWP reached GEL 179.91 million (EUR 59.57 million), according to the data of the Insurance supervisory authority.
13 June 2019GEORGIA: one-time subsidization is needed to support forthcoming compulsory motor insurance
According to the President of the Georgian Insurance Association, Devi KHECHINASHVILI, one-time subsidization of compulsory vehicle insurance is a good initiative to increase civil responsibility, the Georgian Media holding Commersant wrote.
9 May 2019
