GEORGIA: 40% of GWP in 1H collected by companies affiliated with banks

13 October 2021 — Marina MAGNAVAL
For the first half of 2021, Georgian insurers collected premiums in the amount of GEL 446 million (~EUR 119 million*), 40% of which were generated by the companies affiliated with commercial banks, Business Georgia reports.

In Motor Hull in terms of GWP, Aldagi is leading (GEL 16.7 million or 22% of all premiums in the segment). TBC-insurance ranks second (GEL 16 million), and GPI holding ranks third (GEL 10.8 million).

In property types of insurance, Aldagi also leads (GEL 74.1 million or 36% of the GWP), followed by Unison (GEL 15 million) and TBC-insurance (GEL 8.6 million).

It is noted that for many years in the insurance market of Georgia, especially in motor and property insurance, the dominant position has been occupied by companies created by commercial banks, which is confirmed by official statistics. Many commercial banks in Georgia own insurance companies. Even though the law prohibits banks from owning non-core assets, since the insurance business is also considered financial, the ownership of companies in this sector is not prohibited for banks.

*1 EUR = 3.7608 GEL (June 30th, 2021)



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