STATISTICS: GEORGIA, 1Q2021: the market share of the TOP-3 exceeded 50%

10 June 2021 — Marina MAGNAVAL
At the end of the first quarter of 2021, the Georgian market increased by 10.47% to GEL 233.20 million (EUR 58.24 million), according to the data published by the Georgian Insurance Supervision Service.

Growth was recorded by both non-life and life insurance. At the same time, their shares in the market portfolio remained practically unchanged compared to the first quarter of last year.

Among the insurance segments, GWP decreased in MTPL, GTPL, as well as travel insurance continued the downward trend.

Insurers' paid claims increased by almost 14% to GEL 90.79 million. The growth driver of paid claims was life insurance (+261.09%), while growth of paid claims in non-life insurance was quite moderate.

Out of 18 companies operating in the Georgian insurance market, GPI Holding holds the leadership (GEL 51.27 million of GWP), Imedi L and TBC Insurance keep the second and third places, respectively. The aggregate share of the three leaders in the market GWP volume exceeded 50% by the end of 1Q2021.

Access and download the latest statistics of the Georgian insurance market.

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