STATISTICS: GEORGIA, 3Q2019: non-life paid claims almost doubled year-on-year

5 December 2019 —
STATISTICS: GEORGIA, 3Q2019: non-life paid claims almost doubled year-on-year
From January to September 2019, the Georgian insurance market generated GWP in amount of GEL 481.85 million (~EUR 149.24 million), which in local currency represents a 15.50% increase y-o-y.

At the same time, the market paid claims in Lari grew by more than 96%, to GEL 433.23 million (~EUR 134.18 million), as the data published by the Insurance supervisory office show.

The main share of the market portfolio was kept by non-life classes. The key business lines were health insurance (GWP increased 4.97% to GEL 180.97 million), motor insurance (GEL 126.09 million) and property insurance (GEL 72.01 million). The highest growth rate y-o-y was recorded by accidents insurance (+106.85%).

The most impressive growth rate of the paid claims was observed in insurance against financial risks (+4726.67%), followed by property insurance claims growth rate (+553.33%). A fairly strong increase of paid claims was observed in almost all non-life classes, although in some of them, the paid claims decreased (e.g. accidents insurance claims decreased 21.21%, travel insurance decreased 0.41%).

According to the regulator, at the end of 3Q2019 only 16% of the population (593,814 individuals) used private health insurance, vs. 15% for the same period in 2018. The regulator also noted that the total share of insured vehicles in the country during this period amounted to 7% of total vehicle fleet (92,917 vehicles), vs. 6% a year ago.

Total assets of the local insurance market in the period amounted to GEL 839.9 million, while the capital was GEL 245 million.

Out of 17 insurance companies, the market leader in terms of GWP was GPI Holding (GEL 81.88 million), followed by Aldagi (GEL 77.70 million) and Imedi L (GEL 70.65 million). In terms of paid claims the 1st place was taken by Unison (GEL 196.30 million).

Access and download 3Q2019 Georgian insurance market statistics.