STATISTICS: GEORGIA, 3Q2018: paid claims for property insurance increased by 425%, amounting to as much as half of premiums written for this line

12 December 2018 — Marina MAGNAVAL
For 9 months this year Georgian insurers generated GEL 417.19 million of GWP (EUR 137.66 million), which in local currency is 20.67% more y-o-y. Paid claims for the same period increased by 26.71%, as the data published by the Insurance Supervisory Office of Georgia show.

Non-life sector keeps the biggest stake in GWP (93.4%). The largest contribution to non-life premiums was made by such classes as health insurance (41.32%), Motor Hull (15.48%) and property insurance (15.53%). Life premiums, the market share of which is only 6.6%, nevertheless recorded an impressive growth (+62.38%).

For 3 quarters local insurers paid more claims in the same leading classes - health insurance on the 1st place (GEL 129.99 million), followed by Motor Hull (GEL 34.32 million) and property insurance (GEL 32.47 million). It's worth noting that paid claims of property insurance went up by 425.06% y-o-y and amounted to the half of GWP, generated in this class as of the end of September.

GPI Holding keeps its leading positions with a market share of 21.07%. For 9 months the leader generated GEL 87.92 million of GWP and its paid claims went up by 38.01%. TOP-3 leading companies out of 17 remained unchanged and include also Aldagi and Imedi L. However, premiums of Aldagi decreased against the growth of its paid claims, and Imedi L had an opposite trend - reduced its paid claims by 12.03% while its premiums recorded growth.

1 EUR = GEL 2.9252 (30.09.2017)

1 EUR = GEL 3.0306 (30.09.2018)

Access and download 3Q2018 Georgian insurance market statistics.

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