Georgia
GEORGIA: 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 2017STATISTICS: GEORGIA, 3Q2016: The two VIG units are holding about one third of the market
The Georgian insurance market posted a 8.2% y-o-y GWP growth-rate, to GEL 316.3 million (about EUR 121 million), according to the 3Q2016 figures published by the Insurance Supervisory Office - ISO.
24 November 2016GEORGIA: Int'l Insurance Consortium to Invest 7 mln GEL in Development of IC Group
An investment agreement was signed between the International Insurance Consortium (Netherlands) and IC Group according to which up to 7 million GEL will be invested in the Georgian Insurance Company, the Georgian side to hold 51 percent of shares and the Dutch 49 percent.
14 November 2016STATISTICS: GEORGIA, 1H2016: VIG subsidiaries are accounting for about 28% of local market GWP
In January-June 2016, the Georgian insurance market increased by 10.7% y-o-y in local currency to GEL 230 million (EUR 88.5 million), according to the data published by the Insurance Supervisory Office - ISO. The value of claims paid by insurers was up by 4% y-o-y to GEL 106 million.
15 September 2016STATISTICS: GEORGIA, 1Q2016: Insurance business grew by 12.71%; a positive trend was seen on almost all types of insurance
In January-March 2016, the Georgian insurance market increased by 12.71% y-o-y in local currency to GEL 130.66 million (EUR 48.76 million), according to the data published by the Insurance Supervisory Office - ISO.
14 July 2016STATISTICS: GEORGIA, FY2015: The two units of VIG accounted for about 30% of local insurance market
The Georgian insurers market ended the financial year 2015 in black, as gross written premiums increased by 19% y-o-y to GEL 360 million (EUR 137.5 million), according to the State Insurance Supervision Service of Georgia reports.
14 April 201610 days left to the International Conference on AgroInsurance start, in Tbilisi, Georgia
There are only ten days left before the start of the International Conference "Agricultural Insurance, Reinsurance and Brokerage in CIS, Europe & Asia". The Conference will be held on April 11-13, 2016 in Tbilisi, Georgia, organized by AgroInsurance International LLC. XPRIMM Publications support the event as Media Partner.
1 April 20162016 expected to be a challenging year for the Georgian market
"2016 will be an extremely challenging year for the Georgian insurance market," Vakhtang DEKANOSIDZE, General Director of IRAO (Vienna Insurance Group), recently stated for the Georgian journel The FINANCIAL. However, despite the challenging environment, the VIG subsidiary plans to maintain its high growth pace also in this year, he added.
25 February 2016GEORGIA: Strong devalution of GEL pushed up the insurance prices by over 30%
The local currency's devaluation let to an over 30% hike in the insurance prices, with health insurance appearing to be the most affected, reports the Georgian newspaper "The Financial". Insurers consider implementing compulsory insurance as required for the further development of the sector.
18 February 2016The IIIrd "Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe & Asia" International Conference set to take place in Tbilisi, Georgia
The IIIrd edition of the International Conference "Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe & Asia" will be held on April 11-13, 2016 in Tbilisi (Georgia) at the Marriott Courtyard Hotel, organized by AgroInsurance International LLC. XPRIMM Publications will support the event as Media Partner.
14 January 2016STATISTICS: GEORGIA, 3Q2015: The market was up by 29% due to the impressive growth on the health segment
At the end of September 2015, the Georgian insurance industry totaled GEL 292 million (EUR 109 million), as the figures published by the Insurance Supervisory Office showed. Compared with 3Q2014, the local insurance market increased by 29.4% y-o-y, due to the 94% growth rate reported on the health insurance segment.
25 November 2015STATISTICS: GEORGIA, 1H2015: The higher level of losses may be the most important trend of the current year
In the first half of 2015, GWP by the Georgian insurers amounted to EUR 83.11 million, up 20.2% y-o-y (GEL 207.72 million). Analyzing the official results one may conclude that the insurance industry has recovered after a sharp y-o-y decline in 2014 when the market decreased by 32.3%. The main reason for the 2014 decline was the complete removal of the insurers from all government's projects, such as the universal healthcare program.
3 September 2015
