STATISTICS: GEORGIA, FY2017: total market GWP increased by more than 12% in local currency

According to the year-end market figures published by the National Bank of Georgia, the Georgian insurance market totaled GEL 441.4 million (EUR 142.19 million) at the end of December 2017, up by 12.3% y-o-y in local currency and up by 1.08% in EUR.

Non-life segment increased in terms of GWP by 2.01% in EUR. The main market's driver in 2017 was motor insurance with its up-trend by almost 12%. Among other non-life classes which showed positive results are cargo insurance (up by 11.41%), credit insurance (up by 4.2%), financial risks (up by almost 8%) and travel insurance (up by almost 12%). Property class in local currency had in 2017 an up-trend, but due to the difference in exchange rates in EUR it showed a slight decrease. Life segment in 2017 dropped both in GEL (- 2.67%) and EUR (- 12.4%).

In terms of paid claims the insurance companies paid EUR 80.13 million (3.44% less y-o-y). However in local currency total paid claims in 2017 increased compared to the previous period. The share of life insurance payments was 5.6% of total, health - 44.7%, MoD - 16.86%, MTPL - 2.60%, property - 16.34%.

Georgian insurance market is represented by 16 companies, 14 of them working in life segment. Based on total market GWP figures Top-3 leaders are GPI Holding with EUR 33.09 million (23.27% market share), followed by Aldagi with EUR 29.07 million (20.45%) and Imedi L with EUR 16.66 million (11.72%). Per segments Top-3 life insurers in terms of GWP are TBC Insurance with EUR 2.99 million (37.53%), Aldagi with EUR 2.81 million (35.36%) and PSP Insurance with EUR 0.89 million (11.15%); Top-3 non-life leaders include GPI Holding (24.4% share), Aldagi (19.56% share) and Imedi L (12.2% share).

Access www.xprimm.com and download the FY2017 Georgian insurance market statistics.

  • Market portfolio: GWP, claims, growth rates, shares.
  • Life & non-life rankings: GWP, claims, market shares.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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