STATISTICS: GEORGIA, FY2020: the market increased by almost 7% in lari despite the pandemic

8 April 2021 — Marina MAGNAVAL
At the end of 2020, the Georgian insurance market grew by 6.76% to GEL 667.28 million (EUR 165.85 million), with both insurance sectors increasing: non-life - by 6.48% and life - by 10.33%, according to data published by the Georgian Insurance Supervision Service.

At the same time, the market result in European currency remained negative (-14.83%).

Among the non-life segments in local currency a rather strong drop was recorded by: MTPL (-30.17%, to GEL 38.73 million), as well as in cargo, carriers' liability, credit insurance and, most of all, travel insurance (by almost 54%) due to a decline in economic activity caused by the crisis.

Market paid claims by the end of 2020 decreased by 27.61% to GEL 385.48 million. At the same time, a decrease in paid claims was observed only in non-life insurance, while paid claims in life insurance, on the contrary, increased by 48% compared to 2019.

At the end of 2020, 18 companies were operating in the Georgian insurance market. GPI Holding continues to lead in terms of GWP in the overall ranking, with the leader's market share growing by more than 2%. Aldagi and TBC Insurance keep their second and third places, respectively, after the third quarter. Of the five largest companies, only Imedi L recorded GWP decrease y-o-y (almost 15%). TBC Insurance at the same time leads the ranking of life insurers out of 15 active companies, occupying more than half of this market (51.22%).

Access and download statistics of the Georgian insurance market for FY2020 in EUR and GEL (lari):

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