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

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

GEORGIA: Starting in 2019 the model of financing universal health insurance in the country will change

Beginning in 2019, Georgia will change the model of financing within the General Health Insurance program. According to the Ministry of health the new system of reimbursement provides for transition to a model of diagnostically related groups (DRG), based on which a patient's diagnosis, age, length of hospitalization, and other criteria will determine the amount of funding, wrote Business Georgia.



Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.



Five new XPRIMM insurance reports to be launched in Baden Baden

Five new titles will be available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.


Croatian Insurance Days 2018 - Registration opened online

The 2018 edition of the "Croatian Insurance Days" will be held in Opatija, Croatia, on November 7-9, 2018. Organized by the Croatian Insurance Bureau, with the support of the Croatian Ministry of Finance, the conference will have, as usual, a rich and very informative program, also providing for extended networking opportunities.


ICAR Forum 2018: Main conclusions

The 15th edition of ICAR - The International Catastrophic Risks Forum, taking place in Bucharest, Romania, on 9 October, touches issues of paramount concern.


The 10th International Istanbul Insurance Conference started today

In emerging markets like Turkey, there can be a significant difference between insured and total insurable losses.
Focusing on closing the protection gap, the 10th International Istanbul Insurance Conference gathers in Istanbul, between the 4th and the 5th of October 2018, well-known speakers from Turkish and the global insurance & reinsurance markets.



LIVE: 1st National Reinsurers Summit in Moscow: focus on global cooperation

Today has started in Moscow the 1st National Reinsurers Summit "National Reinsurers: Focus on global cooperation". Organized by the Russian National Reinsurance Company (RNRC) with the support of the Central Bank of the Russian Federation, the conference has the insurance portal as Media Partner.



LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"

The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.


See all