STATISTICS: GEORGIA, 1Q2015: 31% increase in GWP and a new market leader

In January-March 2015, the Georgian insurance market increased by 31% y-o-y in local currency to GEL 115.92 million (EUR 48 million), according to the data published by the Insurance Supervisory Office - ISO. The positive trend recorded by the local insurance industry was driven by the increasing of GWP reported in almost all business lines.

On insurance classes, the life segment increased by 85.43% to GEL 8.25 million (about 7.12% of total GWP vs. 5.03% in 1Q2014). Impressive growth rates were reported also by the following non-life subclasses: health insurance (+28.64%), motor hull (+27.32%), MTPL (+48.42%), property (+56.54%), suretyship (+20.59%) and travel (+111.95%). The mentioned non-life segments generated about 88% of the total insurance market.

In 1Q2015, the insurer IMEDI L accounted for the largest share on the local market (27.79%), while the former leader, ALDAGI BCI, ranked second, with a 17.02% market share. Member of VIENNA Insurance Group since 2006, GPI Holding ranked third with 13.52%.

It is worth mentioning that last year, the Bank of Georgia (the owner of ALDAGI BCI), decided to split the activity of the insurer into two new companies: IMEDI L (which operates only on the medical insurance segment) and "the new" ALDAGI BCI which operates only on the property and accidents insurance segments. In 2012, ALDAGI BCI became the owner of 85% of the capital share of IMEDI L, in a deal of GEL 8 million (EUR 3.8 million).

Access www.xprimm.com and download the 1Q2015 Georgian insurance market statistics.

Market portfolio & market ranking (in EUR and GEL):
  • Gross written premiums
  • Paid claims
  • Growth rates

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

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