STATISTICS: GEORGIA, 1H2023: health insurance takes over 47% of the market premium portfolio

11 September 2023 — Marina MAGNAVAL
STATISTICS:  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.

The largest classes in the market portfolio are health insurance (GEL 279.80 million), Motor Hull (GEL 102.61 million), and property insurance.

In the first six months of 2023, property insurance amounted to GEL 65.86 million. The result did not actually change compared to 2022. Among 18 companies, the leader in property insurance is Aldagi - the company collected GEL 31 million, which is 47% of the segment. It is followed by TBC Insurance (GEL 10.8 million), and Unison (GEL 8 million).

Chairman of the Board of the Insurance Association Devi Khechinashvili noted that users of property insurance services in Georgia are either corporate clients or citizens who are insured by banks as part of their mortgage lending obligations.

“Property insurance in Georgia is 3 times less than in Europe and we still do not have this insurance culture. Except for isolated cases, no one insures property voluntarily in Georgia, so it is difficult to imagine what will happen if a strong earthquake occurs in the country, especially in cities”, he emphasized.

Total paid claims in the market increased by 16%, reaching GEL 264.08 million. At the same time, in life insurance they decreased, but very slightly (-1.75%).

In the overall ranking in terms of GWP, GPI Holding is the leader, consistently holding first place. Second and third places are occupied by TBC Insurance and Aldagi, respectively.

Access xprimm.com and download the latest Georgian insurance market statistics for 1H2023 in EUR and GEL.


 

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