STATISTICS: GEORGIA, 3Q2020: health insurance grew by 17% y-o-y, while motor insurance declined by nearly 8%

14 January 2021 — Marina MAGNAVAL
The Georgian insurance sector ended 3Q2020 with growth in local currency by 6.52% y-o-y, GWP amounted to GEL 513.24 million (EUR 133.60 million*), as the data released by the Georgian Insurance Supervision Service shows.

However, it should be noted that in euros the market result was negative (-10.48%) due to the lari depreciation compared to the third quarter of 2019.

Both sectors of insurance (life and non-life) in lari recorded positive results. The largest class of non-life insurance - health insurance, increased by almost 17%, to GEL 211.27 million, while motor insurance (MTPL and MotorHull summed) decreased by 7.71%.

Market paid claims dropped significantly - by more than 42%. Besides life insurance, accident insurance and MotorHull, other classes of insurance recorded a drop in paid claims compared to the same period last year.

Of the 18 companies that were active on the market at the end of the third quarter, GPI Holding is still leading in terms of GWP, followed by Aldagi, while TBC Insurance moved up to third from fourth place, which it held a year earlier, shifting Imedi L one position down.

* at the following exchange rate:

1 EUR =3.8415 GEL (September 30th, 2020)

Access XPRIMM Database and download the latest Georgian statistics.

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