Georgia
STATISTICS: GEORGIA, 1Q2023: life paid claims decreased by 23% y-o-y
The Georgian insurance market ended the first quarter of 2023 with GEL 325.45 million (EUR 116.81 million), which in local currency is almost 22% more y-o-y, according to the Georgian Insurance Supervision Service.
11 September 2023STATISTICS: GEORGIA, 1H2023: health insurance takes over 47% of the market premium portfolio
In 1H2023, the market grew by 17%, reaching GEL 590.99 million (EUR 206.70 million), according to the Georgian Insurance Supervision Service.
11 September 2023GEORGIA: Demand for private health insurance has dropped significantly
As of now, approximately 50,000 private health insurance policies are effective on the Georgian insurance market. At the same time, the demand for private policies has significantly decreased after introduction of the state insurance system, as noted by the President of the Insurance Association Devi Khechinashvili,
21 June 2023Global Benefits Georgia insures the USD 300 million construction project in Tbilisi
The risk management and insurance company Global Benefits Georgia has insured an unprecedented construction project of Orbi Group and Block LLC "Central Park Tower". The investment volume of the construction project is 300 million US dollars. Total premium of Global Benefits Georgia's insurance package is 1 million Gel (~EUR 350.877).
16 June 2023GEORGIA: Introduction of third-party liability insurance for car owners could boost market growth by 30%
The share of insurance in Georgia's GDP is just over 1%, which is 2-3 times less than in Eastern European countries, while in developed countries this figure is even higher - about 6-7%, as stated by the head of the State Insurance Supervision Service David ONOPRISHVILI, Business Georgia writes.
11 May 2023GEORGIA: in 2022 net profit of the insurance sector slightly drops
In 2022, total profit of the insurance sector amounted to GEL 210.3 million (EUR 72.90 million), while net profit slightly decreased to GEL 39.2 million from GEL 40 million in 2021, Business Georgia.reports.
20 April 2023GEORGIA: The number of private health insurance policies increased by only 1% as of the beginning of 2023
As of now, only 18% of the population in Georgia uses private health insurance, according to the state insurance supervision service, Business Georgia wrote.
13 April 2023STATISTICS: GEORGIA, FY2022: GWP growth outpaced paid claims by 5%
The Georgian insurance market ended 2022 with GEL 909.63 million (EUR 315.36 million), which is almost 18% more y-o-y in local currency, according to the Georgian Insurance Supervision Service.
13 April 2023GEORGIA: profit of insurance companies affiliated with banks is significantly higher than that of independent market participants
Independent insurance companies have repeatedly taken an initiative to limit the banks' ownership of insurance companies at the legislative level, but this initiative has not yet yielded results, Archil Morchiladze, head of the Insurance Group of Georgia and co-chairman of the Insurance Union, said, Business Georgia reports.
21 December 2022STATISTICS: GEORGIA, 3Q2022: non-life insurance accounts for over 92% of the market GWP portfolio
According to the 3Q2022 results, the Georgian insurance market grew by 16.11% y-o-y, reaching GEL 704.48 million (EUR 256.34 million), according to the Georgian Insurance Supervision Service.
15 December 2022Aldagi to become first Reinsurance Company in Georgia
The leading property and casualty ("P&C") insurance company in Georgia, Aldagi further expands its business towards underwriting inwards reinsurance in the region. By doing this, Aldagi sets a precedent for the Georgian industry, being the first insurance company in the market that will also function as a reinsurer.
14 December 2022GEORGIA: Introduction of the Estonian income tax model for the insurance sector postponed
Introduction of the Estonian income tax model for the insurance sector in Georgia has been postponed for one year, as Georgian Economy Minister Levan Davitashvili said, Business Georgia wrote.
12 December 2022GEORGIA: income tax of insurers in 1H was the lowest in the last few years
In the first half of 2022, net profit of the Georgian insurance sector amounted to GEL 10.3 million (~EUR 3.30 million), which is 42% less than a year earlier in the same period, Business Georgia wrote.
10 November 2022GEORGIA: Georgians can now save up to 30% when purchasing or renewing their motor insurance with GPI Holding
Since September Georgians can save up to 30% when purchasing or renewing their motor insurance with GPI Holding. When purchasing a motor insurance package with a Mastercard card, 20% of the amount will be returned in the form of cashback, in addition, a 10% discount is offered by Jipay, gpih.ge wrote.
27 September 2022GEORGIA: Green Insurance Georgia has placed 9,000,000 shares on the Georgian Stock Exchange
Insurance company Green Insurance Georgia has placed Class B 9,000,000 shares for trading on the Georgian Stock Exchange. The nominal value of one share is 1 GEL, as the company recently informed on its website.
27 September 2022GEORGIA: the number of insured vehicles makes only 7% of the country's total vehicle fleet
According to the financial reports of Georgian insurance companies, the number of insured vehicles in the country makes only 7% of the total fleet, or 108,486 units, Business Georgia wrote.
27 September 2022STATISTICS: GEORGIA, 1H2022: the market expanded by more than 12% in local currency
According to the 1H2022 results, the Georgian insurance market grew by 12.49% y-o-y, total GWP reached GEL 504.67 million (EUR 163.74 million), according to the Georgian Insurance Supervision Service.
7 September 2022GEORGIA: Ardi signs investment agreement with Gazelle Finance
Insurance company Ardi, one of the top 5 insurers in Georgia in 1Q2022, signed an investment agreement with the multinational investment fund Gazelle Finance, as a result of which the fund became a strategic shareholder of Ardi, Business Georgia.reports.
18 August 2022GEORGIA: Mandatory MTPL insurance may provide the sector extra GEL 200 million business
The insurance sector of Georgia has been waiting for the approval of the draft law on MTPL introduction for more than three years now. This draft law was registered in Parliament on December 31, 2018, but discussion has not yet begun. Experts expect the process to start this year, Business Georgia wrote.
29 July 2022GEORGIA: in the context of rising inflation, insurance products have risen in price by 10-15%
High inflation (13%), affecting the Georgian economy like almost all others, has determined rising prices for products and services, insurance included. Thus, insurance products' prices have risen by about 10-15%, according to the CEO of the insurance company Global Benefit, Nino KOBAKHIDZE, Business Georgia wrote.
12 July 2022
