On insurance classes, the life segment decreased by 21.55%, while the non-life GWP increased by 9.50% due the strong increase reported by the motor insurance, aviation hull insurance, property and cargo classes.
On the other hand, health insurance holds the most significant market share, of 49.72% of the total GWP, followed by Motor Hull (16.01%), Property (15.66%), Life insurance (4.54%) and GTPL (3.90%).
According to the official data, 586,000 people use health insurance, which is about 15% of the total population (about 3.7 million).
The second most popular insurance product is motor insurance, used by about 50,000 car owners, which is only about 4% of the total number of cars in Georgia (1.2 million). About 91% of the Georgian fleet consists of cars produced before 2007, while cars less than 3 years old represent only 1.3% of the total car fleet.
The Top-5 insurers generated about 77.17% of the market GWP: GPI Holding VIG accounted for the largest share on the local market (26.02%), followed by ALDAGI (20.13%), Imedi L (12.25%), PSP Insurance (11.03%) and ARDI Insurance (7.75%).
Find detailed 1H2017 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - 1H2017, to be launched on 22 October.
Access www.xprimm.com and download the 1H2017 Georgian insurance market statistics.