STATISTICS: GEORGIA, 1H 2018: premiums of health insurance exceeded more than double the premiums of motor classes

The Georgian insurance market generated GWP in the amount of GEL 295.28 million (EUR 103.83 million) in the first half year, a 19.36% increase y-o-y, while the life sector increased by 69.36%, according to data from the Insurance Supervisory Office of Georgia.

Within the non-life sector, accounting for almost 94% of the market, the biggest GWP share belongs to health insurance (45.82%), and second to motor classes (~ 22%). Another class with significant GWP shares is property insurance (~ 14%). Total market paid claims increased by 16.76%. As a result, paid claims' growth in the life sector was quite significant (+94.75%) although the sector's weight in total GWP is only 6.44%. Paid claims of non-life sector recorded a rather moderate growth of 14.76%.

Net profit of insurers in the first half year went up by GEL 13.91 million y-o-y. Total assets as of the end of 1H 2018 amounted to GEL 699.37 million and total equity reached GEL 180.69 million.

Among 17 local insurers, GPI Holding is the leader in terms of GWP. In the first 6 months of 2018, the company generated GEL 67.05 million in premiums, directly after in terms of GWP is ALDAGI, although their premiums decreased by almost 14% this year, and the 3rd leader is Imedi L with a GWP of GEL 37.99 million. The highest growth rate among TOP-5 insurers was produced by TBC (159.94%), but paid claims of the company saw a rapid increase at almost the same level - by 156.6%.

1 EUR = 2.8439 GEL (June 30th, 2018)

Access and download 1H2018 Georgian insurance market statistics.

Find detailed 1H2018 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - 1H2018, to be launched on 21 October, in Baden Baden

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