STATISTICS: GEORGIA, 3Q2021: among the key market LoBs the most impressive growth observed in Motor Hull - more than 24% y-o-y

6 December 2021 — Marina MAGNAVAL
At the end of the third quarter of 2021, the Georgian insurance market recorded an increase of more than 18% y-o-y (in local currency), increasing to GEL 606.74 million (EUR 166.65 million), according to the data published by the Georgian Insurance Supervision Service.

It should be noted that life and non-life insurance showed almost the same growth with a small difference, however, the market remains focused on non-life insurance, which occupies over 92% of the portfolio. Among the key LoBs in non-life insurance, the most impressive growth was observed in motor hull (+24.52%), followed by property insurance (+18.42%) and health insurance (+15.42%).

Paid claims of insurers increased by almost 25% compared to the same period last year and reached GEL 313.57 million (EUR 86.12 million). In motor insurance (MTPL and Motor Hull summed), they increased by almost 30%, but in some non-life segments, on the contrary, there was a decrease in paid claims, such as, for example, in CARGO (-25.65%).

Out of 18 companies operating in the Georgian insurance market, GPI Holding continues to lead in terms of GWP (GEL 112.87 million), Aldagi and TBC Insurance rank second and third respectively, as a year ago.

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

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