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.

Share |

Related articles

GEORGIA: Starting in 2019 the model of financing universal health insurance in the country will change

Beginning in 2019, Georgia will change the model of financing within the General Health Insurance program. According to the Ministry of health the new system of reimbursement provides for transition to a model of diagnostically related groups (DRG), based on which a patient's diagnosis, age, length of hospitalization, and other criteria will determine the amount of funding, wrote Business Georgia.

2018-09-19

ON THE MOVE

MARSH the formation of MARSH-JLT Specialty and its leadership

The global insurance broker MARSH announced the formation of MARSH-JLT Specialty - the new specialty business that combines the specialty teams of MARSH and JARDINE LLOYD THOMPSON Group (JLT) and will be headed by Dominic BURKE, currently CEO of JLT Group.

21.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all