Insurance Group of Georgia: 20% growth in the number health insurance customers

20 January 2020 — Daniela GHETU
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).

In 2018, the company has reported gross earned premiums of GEL 13.13 million and has paid claims in a grand total of GEL 8.99 million. In 2018 IGG showed high growth rate of 176% and became one of the fastest growing company on Georgian Insurance Market. The company has strong ambitions and is expected to maintain its decent growth rate in 2019 and upcoming years as well.

Health insurance currently accounts for about 64% of the earned premiums portfolio, with a number of about 40,600 in force by the of 3Q2019 and earned premiums of GEL 6.43 million, 9.11% up y-o-y. The number of policies in force after three quarters increased y-o-y by about 20%.

Motor insurance lines account together for over 33% of the earned premiums, or approx. GEL 1 million. Earned premiums for the Motor Hull line decreased y-o-y by about 27%, to GEL 1.54 million, while on the MTPL side they went up by 30%, to GEL 1.77 million. In 3Q2019, the company wrote 4,540 Motor Hull policies and 713,689 MTPL policies.

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