IRAO VIG entered Georgian insurance market's Top 5 ranking in 1H2019

24 October 2019 — Daniela GHETU
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.

In 2018, IRAO generated gross written premium volume of GEL 29 million (EUR 9.58 million), almost 23% up y-o-y.

Founded in 2004, IRAO is one of the leading companies in the Georgian insurance market, offering its partners a big range of international standard insurances, high quality service and firm guaranties both in individual and corporate segment. Since 2007, the company became part of the Austrian Vienna Insurance Group (VIG). In 2011 VIG increased its ownership quota to 100%.

IRAO offers the various types of insurance services to its partners and customers, offering high-quality services and creating stable guarantees, according to the local and international insurance standards.

The company is operating in corporate and retail segment, both in health and non-health insurance lines, including: health, motor, property, travel and cargo insurance. Currently IRAO operated through a network that encompasses 27 locations throughout Georgia and a team of over 265 employees servicing a total of 44.000 customers.

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