On insurance classes, the life segment increased by 10.3% to GEL 14.3 million (about 6.2% of total GWP), while the non-life GWP increased by 10.7% y-o-y due the strong increase reported by the health insurance sub-class: +13.5% to GEL 113.4 million - about 50% of total market.
At the end of June, GPI Holding VIG accounted for the largest share on the local market (22%), followed by IMEDI L (18.7%) and ALDAGI (18.4%). Adding the GWP volume realised by the other VIG insurer (IRAO VIG, ranked fifth, 5.5% market share), the aggregate market share of Austrian subsidiaries in Georgia was about 27.6% vs. 24.2 in 1H2015.
By segments, it is worth to mention that GPI Holding VIG controlled about 40% of life insurance sector being the absolute market leader (40% market share). GPI Holding VIG was also the non-life top insurer generating about 21% of non-life GWP.
Access www.xprimm.com and download the 1H2016 Georgian insurance market statistics.
Market portfolio & market rankings (in EUR and GEL):
- Gross written premiums
- Paid claims
- Growth rates