STATISTICS: GEORGIA, 1H2015: The higher level of losses may be the most important trend of the current year

In the first half of 2015, GWP by the Georgian insurers amounted to EUR 83.11 million, up 20.2% y-o-y (GEL 207.72 million). Analyzing the official results one may conclude that the insurance industry has recovered after a sharp y-o-y decline in 2014 when the market decreased by 32.3%. The main reason for the 2014 decline was the complete removal of the insurers from all government's projects, such as the universal healthcare program.

In the reporting period, all major lines of business have shown positive results in terms of gross written premiums compared with 1H2014: Financial Risks up by 109.60%, Property -97.58%, Aviation Hull - 68.65%, MTPL - 63.05%, Motor Hull - 41.73%, Accidents - 38.42%, Travel - 35.91%, GTPL - 20% etc.

The higher level of losses will be the most important trend of the year 2015 for the Georgian market, following the catastrophic events which took place on July, 13 when heavy rains started late in the evening turned the Vere river flowing through Tbilisi into a torrent that swept away dozens of buildings and cars and damaged power lines.

However, in the first half of 2015, the volume of claims already paid by insurers on property insurance increased by 521.96%.

Access www.xprimm.com and download the 1H2015 Georgian insurance market statistics.

More about the Georgian insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).

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

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