STATISTICS: GEORGIA, 1H2020: Market grew 9.14%, supported by health insurance, which accounted for over 45% of total GWP

3 September 2020 — Marina MAGNAVAL
For the first half of 2020, the insurance sector of Georgia grew by 9.14%, to GEL 376.9 million (~EUR 109.4 million*). At the same time, the paid claims during the period dropped sharply - by more than 24% y-o-y, according to the data published by the insurance supervision authority.

It is worth noting that the market growth was supported by health insurance, which has generated over 45% of the market premiums and saw an increase of almost 18% y-o-y. Among the main segments, growth was also recorded by property insurance (+27.25%), Motor Hull - both these segments have the same shares in the market portfolio, and life insurance, GWP of which reached GEL 26.3 million. The rest of the segments ended 1H2020 with negative results.

Market paid claims in general decreased to GEL 154.3 million. However, life insurance had a significant increase of paid claims - by almost 27% y-o-y, and paid claims of motor insurance grew slightly as well.

Out of 18 companies that operated on the Georgian market in 1H2020, GPI Holding remained the leader of the overall ranking with GWP worth GEL 78.5 million. Aldagi ranked second and Imedi L - third. In the life sector the ranking was headed by TBC Insurance, which occupied almost 48% of the life market.

* for the following exchange rate:
1 EUR = 3.4466 GEL (June 30th, 2020)

Access and download the latest Georgian insurance market statistics.

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