STATISTICS: GEORGIA, 1H2019: GWP grew by about 17% y-o-y, while growth of paid claims reached almost 50%

26 September 2019 — Marina MAGNAVAL
For the first six months GWP of the Georgian insurance market reached GEL 345.32 million (EUR 105.74 million), which in local currency is almost 17% more y-o-y, as the data, published by the regulator, shows.

However, at the same time, the market growth in European currency looks almost invisible (+1.84%) due to unfavorable currency exchange rate compared to 1H2018.

Increase in volumes was demonstrated by all major classes. Significant growth was observed in accident insurance (+119.26%), insurance against financial risks (+72.73%), and motor insurance went up by 29.17%.

Growth of the total paid claims in local currency was quite drastic - by almost 50%. Moreover, non-life paid claims increased even higher - by almost 52%.

Net profit of insurers amounted to GEL 19.5 million (vs GEL 16.3 million a year ago), assets increased to GEL 952.7 million (vs GEL 699.3 million), and capital - up to GEL 231.2 million (vs GEL 180.9 million in 1H2018).

Of 17 companies operating on the local market, the leader in terms of total GWP is Imedi L (GEL 58.74 million/~EUR 18 million), while GPI Holding is on the top of non-life ranking (GEL 55.25 million/~EUR 17 million of non-life GWP), and the life sector is headed by TBC Insurance (GEL 10.78 million/EUR 3.30 million of life GWP).

*1 EUR = 3.2657 Lari - GEL (June 30th, 2019)
1 EUR = 2.8439 Lari - GEL (June 30th, 2018)

Access and download 1H2019 Georgian insurance market statistics.

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