STATISTICS: GEORGIA, 1Q2020: the market grew by more than 17% in local currency

25 June 2020 —
STATISTICS: GEORGIA, 1Q2020: the market grew by more than 17% in local currency
In 1Q2020, the Georgian insurance sector in expanded by 17.34% y-o-y in local currency, to GEL 211.10 million (EUR 58.05 million*). At the same time, the market dynamics in euro turned to be negative (-2.54%) due to the lari depreciation against euro.

The distribution of shares in the market portfolio between life and non-life insurance remained almost the same as the year before. Non-life GWP saw an increase of 18% to GEL 195.82 million (EUR 53.85 million*), while life insurance GWP growth rate was more modest, up by 9.14%, according to the data, published by the supervisory authority.

The highest GWP growth rate was observed in motor insurance, both motor lines (Motor Hull and MTPL together) occupying over 38% of the market portfolio at the end of the first quarter of 2020. Positive dynamics in local currency can be seen in almost all major types of insurance, with the exception of property (-5.4%) and travel insurance (-10.4%).

Market paid claims in lari increased slightly y-o-y, by 2.74% at market level. The claims paid for life insurance, accidents, health insurance (which keeps more than half of the market GWP), cargo insurance and some other types decreased.

In 1Q2020, 17 companies were active on the Georgian market. GPI Holding further kept its leading position since the end of 2019, generating almost 23% of total market GWP. The company was followed by Imedi L (its premium collection fell by 28% y-o-y) and TBC Insurance.

* for the following exchange rates:
1 EUR = 3.6363 Lari - GEL (March 31st 2020)
1 EUR = 3.0203 Lari - GEL (March 31st 2019)

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