Georgia
Insurance Conference in Georgia to be held on 14 March 2019 in Tbilisi!
Registration already opened. Take advantage of the early bird rates until 30 December
The conference aims to involve all the relevant stakeholders to identify the most appropriate solutions for the market's growth and to attract the investments and know-how, taking also into consideration the latest practices and other countries' experience.
20 December 2018GEORGIA: IC Groups officially becomes part of Bulgarian EUROINS Insurance Group
As already stated in September by EUROINS Insurance Group (EIG), Georgian insurer IC Group has become a member of the Bulgaria based group. EIG owns over 51% of the Georgian insurer.
19 December 2018GEORGIA: Bank of Georgia is creating its insurance company, while insurers demand to limit access of the banks to the insurance market
According to Devi KHECHINASHVILI, Chairman of the Board, Georgian Insurance Association, Bank of Georgia is creating its own insurance company. The new insurer already received a permission from the National Bank and is going to apply to the State Insurance Supervision Service.
19 December 2018STATISTICS: GEORGIA, 3Q2018: paid claims for property insurance increased by 425%, amounting to as much as half of premiums written for this line
For 9 months this year Georgian insurers generated GEL 417.19 million of GWP (EUR 137.66 million), which in local currency is 20.67% more y-o-y. Paid claims for the same period increased by 26.71%, as the data published by the Insurance Supervisory Office of Georgia show.
12 December 2018GEORGIA: a market leader, ALDAGI, believes the market has big potential but is still immature
"By global standards, insurance in Georgia is still immature - in the initial stages really - therefore there are many things that are yet to be done and the market has big potential," Giorgi BARATASHVILI, CEO of ALDAGI, told the FINANCIAL in an interview.
8 November 2018GEORGIA: from January 1, 2019 industrial accident insurance of employees will be compulsory
On January 1, 2019 in Georgia the article 5 of the law "On work safety" will come into force; based on it employers will be obliged at their expense to provide employees with industrial accident insurance.
31 October 2018STATISTICS: GEORGIA, 1H 2018: premiums of health insurance exceeded more than double the premiums of motor classes
The Georgian insurance market generated GWP in the amount of GEL 295.28 million (EUR 103.83 million) in the first half year, a 19.36% increase y-o-y, while the life sector increased by 69.36%, according to data from the Insurance Supervisory Office of Georgia.
20 September 2018GEORGIA: Starting in 2019 the model of financing universal health insurance in the country will change
Beginning in 2019, Georgia will change the model of financing within the General Health Insurance program. According to the Ministry of health the new system of reimbursement provides for transition to a model of diagnostically related groups (DRG), based on which a patient's diagnosis, age, length of hospitalization, and other criteria will determine the amount of funding, wrote Business Georgia.
19 September 2018"Green line" for EUROINS to acquire Georgian insurer IC Group
Bulgaria's EUROINS Insurance Group (EIG) stated that it has acquired IC Group, one of the leading insurers in Georgia. The regulatory approval for the purchase agreement has already been granted.
13 September 2018GEORGIA: In the 2nd quarter GPI Holding paid the biggest claim
According to preliminary data of the State Insurance Supervision Service of Georgia in the second quarter of this year, local insurers generated GEL 295.28 million (~EUR 103.47 million) of direct insurance premiums.
5 September 2018GEORGIA: total number of insured moto vehicles increased to 5.9%
According to the Insurance State Supervision Service of Georgia total number of insured moto vehicles in the country as of the end of the second quarter 2018 amounted to 5.9%, while last year their average number was 5.2%.
30 August 2018GEORGIA: ALPHA is leading motor insurance based on Q1 result
According to the Insurance Supervisory Authority of Georgia, after the 1st quarter this year insurer ALHPA is leading the motor insurance sector.
5 July 2018STATISTICS: GEORGIA, Q1 2018 results: MTPL jumped by almost 168%
In the 1st quarter Georgian insurers generated GEL 164.39 million (EUR 55.23 million) of GWP, up y-o-y 14.32%, according to the regulator's official data. Paid claims, compared to the 1st quarter last year, increased by 20.8%.
28 June 2018STATISTICS: GEORGIA, FY2017: total market GWP increased by more than 12% in local currency
According to the year-end market figures published by the National Bank of Georgia, the Georgian insurance market totaled GEL 441.4 million (EUR 142.19 million) at the end of December 2017, up by 12.3% y-o-y in local currency and up by 1.08% in EUR.
12 April 2018Banks domination hampers the Georgian insurance market's development
Due to full domination of the big banks, the Georgian insurance sector is developing in the wrong way, - said the General director of UNISON insurance company, Vasil ARKHARADZE.
27 March 2018STATISTICS: Georgia, 3Q2017: The local market went up by 9.30%, to GEL 345.72 million
In 3Q 2017, the Georgian insurance market went up by 9.30%, to GEL 345.72 million, according to data published by the Insurance Supervisory Office - ISO. Claims paid by insurers increased by 7.40% to GEL 174.09 million.
21 November 2017GEORGIA: Compulsory liability insurance of foreign vehicles to be soon introduced
Insurance Supervisory Office of Georgia is currently preparing a draft of law regarding the introduction of the compulsory liability insurance for foreign vehicles (note: vehicles registered abroad), and, later on, of the MTPL insurance for cars registered in Georgia.
2 November 2017STATISTICS: Georgia 1H2017: Top 5 insurers account for about 80% of the market GWP
In the first half 2017, the Georgian insurance market went up by 7.57%, to GEL 247.38 million, according to data published by the Insurance Supervisory Office - ISO. Claims paid by insurers increased by 9.76% to GEL 116.30 million.
12 October 2017STATISTICS: Georgia, 1Q2017: Top 5 insurers hold about 80% of insurance business
In 1Q2017, the Georgian insurance market went up by 10.05%, to GEL 143.80 million (EUR 54.75 million), according to the data published by the Insurance Supervisory Office - ISO.
22 June 2017STATISTICS: GEORGIA, FY2016: Market up by 9.24%, from 19% one year before
The Georgian insurance market went up by only 9.24% in FY2016, while in FY2015 GWP increased by 19%.
20 April 2017
