STATISTICS: GEORGIA, 1Q2019: over 57% of market paid claims fell in health insurance

13 June 2019 — Marina MAGNAVAL
The insurance sector of Georgia in 1Q2019 grew by 9.44% y-o-y. Total GWP reached GEL 179.91 million (EUR 59.57 million), according to the data of the Insurance supervisory authority.

The life segment, which occupies only 7.78% of the market, showed significant growth (+28.20%), while the non-life one (92.22% of the market) increased only by 8.11% y-o-y.

Impressive growth was demonstrated by such classes as MTPL (+39.98%) and accident insurance, where the growth was colossal, (+183.92%). Health insurance, keeping more than half of the market, increased by 5.50%.

Market paid claims exceeded the figure of 1Q2018 by 12.62%, reaching GEL 77.53 million (EUR 25.67 million). Most of the claims were paid in the key insurance class: health insurance (GEL 44.54 million/EUR 14.75 million), and the least in accident insurance (GEL 0.06 million/EUR 0.02 million).

Among 17 companies in the market, TOP-3 generated over half of GWP (almost 52%). Compared to 1Q2018, the first place changed hands - in 1Q2019, Imedi L (GEL 46.03 million/EUR 15.24 million) took the lead, keeping 25.59% of the market vs 16.14% a year ago. GPI Holding moved to the second place (GEL 28.19 million/EUR 9.33 million), taking 15.67% vs 24.99% in 1Q2018. And the third place as always is taken by Aldagi.

Access and download 1Q2019 Georgian insurance market statistics.

  • Market portfolio and insurance companies ranking (in EUR and GEL):
    • GWP
    • Paid claims
    • Growth rates
    • Market shares

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