STATISTICS: GEORGIA, FY2019: paid claims grew 5 times faster than GWP in local currency

26 March 2020 — Marina MAGNAVAL
At the end of 2019, the Georgian insurance market recorded an increase of 15.27% y-o-y in local currency. The market GWP amounted to GEL 625 million (~EUR 195 million). At the same time, the paid claims jumped by more than 76% y-o-y (in GEL), as the data of the market supervisory authorities show.

Almost all insurance segments recorded growth in premiums. Life sector grew by 22%, to GEL 45.7 million (~EUR 14.2 million), while non-life reached GEL 579.3 million (~EUR 180.5 million). Among key insurance classes which grew during 2019, it's worth noting health insurance (its market share dropped however to 37.5%), and motor insurance (its market share increased by 3% y-o-y).

Market paid claims saw an impressive increase and recorded rapid growth in almost all insurance segments. Among the large classes, high growth rates of paid claims were observed in property insurance (+450.0%) and motor insurance (+31.3%).

Last year, 17 companies were active on the Georgian market. GPI Holding continues to be the leader in terms of GWP (GEL 106.9 million). Aldagi keeps its second place (GEL 99.4 million), while Imedi L ranks the third. Unison is still the leader in terms of paid claims (GEL 201 million), which increased by almost 513% y-o-y.

1 EUR = 3.2095 GEL (December 31st, 2019)
1 EUR = 3.0701 GEL (December 31st, 2018)

Access and download the latest Georgian insurance market statistics (market portfolio and ranking, in EUR and GEL: GWP, paid claims, growth rates, market shares).

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